PARIS Gucci-owner Kering said on Monday it had struck a deal to buy high-end French fragrance label Creed, its first acquisition since flagging intentions earlier this year to create an in-house cosmetics business.
"The acquisition clearly marks a major step for Kering Beaute, allowing it to reach critical mass in this category," said Raffaella Cornaggia, CEO of Kering's beauty division.
The former Estee Lauder executive was appointed in February to lead the French group's push into the segment.
The all-cash deal to acquire 100% of the high-end fragrance house from funds controlled by BlackRock and by the company's current chairman Javier Ferran is expected to close in the second half this year.
Financial details were not provided.
(Reporting by Mimosa Spencer; Editing by Benoit Van Overstraeten and Mark Potter)
