BlackRock’s Long Term Private Capital private equity fund (LTPC) has acquired a majority stake in Creed, one of Europe’s most ancient independent perfume labels. Last summer, LTPC acquired a majority stake in the Authentic Brands group and now, in association with Spanish businessman Javier Ferrán, the fund has become the majority shareholder of Creed.
The operation, whose value was not disclosed, took place in agreement with Olivier Creed, the label’s current CEO and a member of the sixth generation of the family that founded the company in London in 1760, before relocating it to France in 1864.
Ferrán, currently the president of Diageo, the group that owns among others whisky brand Johnnie Walker and the Guinness brewery, has been appointed president of Creed. Ferrán is a specialist in running family companies, having been in charge of Bacardi, and has also bought a stake in Creed. He will work alongside Olivier Creed, who will continue in the role of master perfumer.
“This company has been with my family for over 250 years and it was essential that, when the time came, I was able to choose the best partners for preserving our heritage as a luxury family company, while also helping us to expand worldwide,” said Olivier Creed, whose son Erwin is also working at the company.
According to Women’s Wear Daily, Creed’s revenue is estimated at $200 million. The label operates two stores in Paris, one in London and four in the USA. It is also available at Nose in Paris, and at department stores Nordstrom and Saks Fifth Avenue in the US, and Harrods in the UK. Creed, whose perfumes are priced approximately between €100 and €300, is the maiden investment made by LTPC in Europe.
The private equity fund was launched in 2019 by BlackRock, a global asset management heavyweight, and immediately carried out its first investment by acquiring a $875 million (€790 million) stake in Authentic Brands Group LLC, owner among others of Volcom and Juicy Couture.