Clifford Chance and Sullivan & Cromwell Advised Creed in its Sale of Elite Perfume House by Kering
Clifford Chance and Sullivan & Cromwell advised perfume maker Creed in its sale of business by Kering.
Clifford Chance and Sullivan & Cromwell Advised Creed in its Sale of Elite Perfume House by Kering Clifford Chance and Sullivan & Cromwell advised perfume maker Creed in its sale of business by Kering. The French luxury giant owns brands including Balenciaga, Gucci, Alexander McQueen and Yves Saint Laurent, moves to expand in the fast-growing cosmetics and fragrance sector....
Clifford Chance and Sullivan & Cromwell Advised Creed in its Sale of Elite Perfume House by Kering
Clifford Chance and Sullivan & Cromwell advised perfume maker Creed in its sale of business by Kering.
The French luxury giant owns brands including Balenciaga, Gucci, Alexander McQueen and Yves Saint Laurent, moves to expand in the fast-growing cosmetics and fragrance sector.
Clifford Chance is advising BlackRock Long Term Private Capital (BlackRock LTPC) and Creed chairman, Javier Ferrán, on the sale of the business, having advised Blackrock LTPC and Ferrán when the former acquired Creed back in 2020.
The Advisory team was led by Partner Stephen Reese and Associate Uche Eseonu (IP), as well as Partners Nicholas Kinnersley (finance), Richard Kalaher and Sonia Gilbert (both tax).
The team received support from Private equity Partners Neil Barlow and Laurent Schoenstein advised in New York and Paris respectively, with competition law matters handled by Partner Jennifer Storey in London and Brussels-based Senior Associate Jonathan Blondeel.
In its statement Kering Chair and Chief Executive Officer, François-Henri Pinault, said the acquisition marked the first ‘strategic initiative’ for Kering Beauté, the beauty division the Paris-based group launched in February to compete in a segment where rivals like LVMH Moët Hennessy Louis Vuitton SE and Hermès International have performed strongly.
Kering Beauté is set to acquire 100 per cent of Creed in the all-cash deal.
Further terms of the transaction were not disclosed.
Kering stated that it plans to ‘unlock’ Creed’s potential, particularly by establishing the brand in China and in travel retail and expanding its feminine fragrance line. The Paris-based perfume house, which has 36 branded stores and 1,400 doors globally, is known for its men’s fragrance Aventus.
The transaction is expected to close in 2023, depending on the clearance received by the relevant competition authorities.