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  1. #1

    Default As of today, Creed is no longer a family owned brand


    BlackRock Buyout Fund’s First European Target Is a Perfume Maker


    BlackRock Inc.’s private equity vehicle agreed to buy Creed, a family-owned luxury fragrance maker, in its first European acquisition.

    BlackRock’s Long Term Private Capital is acquiring a majority of the centuries-old perfume company from Olivier Creed for an undisclosed amount, according to a statement on Wednesday. Javier Ferran -- the chairman of drinks giant Diageo Plc -- will become chairman and an investor in Creed as part of the deal.

    LTPC is part of BlackRock’s effort to build up its business in alternative assets. The world’s largest money manager started the private equity fund in 2018 with the goal of raising $12 billion to buy all or part of companies. The fund has raised $3.85 billion from investors and its own capital pool so far.

    Creed says it was founded in 1760 in London as a luxury-goods maker by Henry Creed and now has operations and sales around the world. The name has become popular among perfume connoisseurs, celebrities and the fashion set. Its fragrances include Green Irish Tweed and Fleurissimo, which were made for Cary Grant and Grace Kelly, respectively, according to media reports.

    The acquisition fits LTPC’s model of scouting for family-owned businesses and pursuing long-term themes such as demographics and millennial spending patterns. LTPC’s managers are willing to hold investments for longer than the period of three to five years that’s typical with buyout funds.

    Under the BlackRock deal, Ferran will work closely with Olivier Creed, a direct descendant of the founder, and his son Erwin, according to the statement.

    “In the next three to five years, we have a clear strategy to grow and expand the business, but with a real focus on preserving and enhancing the great history and heritage of Creed,” said Dag Skattum, head of the European office at LTPC.

    LTPC struck its first deal in 2019, backing Authentic Brands Group, a company that manages brands including Sports Illustrated and Juicy Couture.

  2. #2

    Default Re: As of today, Creed is no longer a family owned brand

    Quote Originally Posted by gewoonBB View Post
    “In the next three to five years, we have a clear strategy to grow and expand the business
    RIP longevity and quality
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    Currently wearing: Vetiver by Guerlain

  3. #3

    Default Re: As of today, Creed is no longer a family owned brand

    I bet Creed spent a long time positioning itself for this. It fits perfectly the decision to trim its legacy line and lean heavily into younger buyers with status marketing and designer + products. A private equity buyer will want a streamlined product mix with minimal "dead weight" from a financial perspective, and success that is easy to extend by maintaining the brand's cache in the wider market. You are less dependent on individual blockbuster scents because the brand itself is the attraction.

    It'll be interesting to see where Creed goes from here. It's probably already a pretty good cash machine, and I'm sure they're aware that scaling too quickly will diminish the value of the brand, which is the asset.
    "It's not what you look like when you're doing what you're doing; it's what you're doing when you're doing what you look like you're doing."

  4. #4
    Basenotes Institution rynegne's Avatar
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    Default Re: As of today, Creed is no longer a family owned brand

    Creed, a finance bro brand!
    MadHat Scents

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  5. #5

    Default Re: As of today, Creed is no longer a family owned brand

    https://www.businesswire.com/news/ho...-Invest-Luxury

    Mr. Creed said:
    “To have a business leader of Javier’s calibre join the Creed family is a significant boost to the business I have built over the past 50 years. His leadership and experience in the family owned luxury sector, as well as the financial support of a new majority investor with long term DNA, will ensure that Creed can continue to develop and produce the world’s greatest scents.

    This business has been in my family for over 250 years and it was critical that, when the time was right, I was able to choose the best partners who would be able to best maintain our heritage as a luxury family business while helping us reach more people around the world. Both Javier and our new partners at BlackRock LTPC are ideal partners for Creed given their collaborative approach to working with their companies and their long-term orientation. I also look forward to continuing to work with all our staff, suppliers and distributors, and I know that they will continue to share in our success.”

  6. #6

    Default Re: As of today, Creed is no longer a family owned brand

    Thank you for the info.

    Nevertheless hoping that at least the financial even if not also fragrance related expertise, success and importance of the new owner will not impact on the quality of these fragrances-being already quite an achievement if the good ones among these (and there are still plenty, even within the regular non vaulted series) will remain unchanged.
    Currently wearing: Baobab by Tesori d'Oriente

  7. #7
    Super Member Andrei Bolkonsky's Avatar
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    Default Re: As of today, Creed is no longer a family owned brand

    OMG OMG

    Should I start HOARDING Bois du Portugal immediately?
    "Life is too important to be taken seriously"

  8. #8
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    Default Re: As of today, Creed is no longer a family owned brand

    Three words....Stock Up Now.
    <div class="bnsotd"><b>Currently wearing:</b> <a href="ID26148387.html"><img src="http://www.basenotes.net/photos/products/33/26148387-7393.jpg"> Carven L'Eau Intense by Carven</a></div>

  9. #9
    Super Member Andrei Bolkonsky's Avatar
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    Default Re: As of today, Creed is no longer a family owned brand

    Millenials DO NOT usually buy Bois du Portugal.
    "Life is too important to be taken seriously"

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    Default Re: As of today, Creed is no longer a family owned brand

    Appreciate the info.
    Remember that while it is perfectly acceptable to criticize the content of a post - criticizing the poster is not.
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  11. #11
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    Default Re: As of today, Creed is no longer a family owned brand

    Quote Originally Posted by Andrei Bolkonsky View Post
    OMG OMG

    Should I start HOARDING Bois du Portugal immediately?
    I already have an ace in the hole for backup supplies on this one so I'm not gonna flip out. Most of the Creed stuff still on my to-get list is newer anyway.
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  12. #12

    Default Re: As of today, Creed is no longer a family owned brand

    Grab them if you like em. Things will be changing soon.
    Currently wearing: Imitation Man by Amouage

  13. #13
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    Default Uh oh. "BlackRock Long Term Private Capital to Invest in Luxury Fragrance Company Creed"

    https://www.businesswire.com/news/ho...-Invest-Luxury

    Speculations on what might happen? Cheaper ingredients, reformulations, price change, availability, etc.?

    "BlackRock Long Term Private Capital announced today that it has reached an agreement with Mr. Olivier Creed to become the new majority shareholder in Creed, his family’s multi-century old luxury fragrance company. Industry leading executive Javier Ferrán will become chairman of the company’s board of directors and join as an investor."
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    Default Re: Uh oh. "BlackRock Long Term Private Capital to Invest in Luxury Fragrance Company Creed"

    Remember that while it is perfectly acceptable to criticize the content of a post - criticizing the poster is not.
    Mean spirited, nasty, snide, sarcastic, hateful, and rude individuals on Basenotes don't warrant or deserve my or other Basenoters' acknowledgement or respect.

  15. #15
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    Default Re: As of today, Creed is no longer a family owned brand

    Creed is about to be like the Juicy Couture of the designer market, why? Because the company that owns Juicy Couture now owns Creed. Expect an EdT designer version of Aventus in the Dior Sauvage price range. This is good for people who can't afford original Creed fragrances but bad for people who prefer niche quality control (batch variations etc).

  16. #16

    Default Re: As of today, Creed is no longer a family owned brand

    I hope we don't see Justin Bieber as the face of the new ambroxan laden Creed Sauvage men's fragrance. lol....... that would be a dark day indeed.
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  17. #17

    Default Re: As of today, Creed is no longer a family owned brand

    Quote Originally Posted by Andrei Bolkonsky View Post
    OMG OMG

    Should I start HOARDING Bois du Portugal immediately?
    Yes. Yes you should.
    Currently wearing: Herod by Parfums de Marly

  18. #18
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    Default Re: As of today, Creed is no longer a family owned brand

    And in 3....2....1...FOMO!
    Non IFRA Compliant & proud of it!
    Currently wearing: Quorum by Antonio Puig

  19. #19
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    Default Re: As of today, Creed is no longer a family owned brand

    Wow,

    This is truly sad.

    Soon to come.......Bois du Portland Street-Barrel Ash Intense Flanker.


    I will be promptly planning my orders of the existing Creeds in the coming weeks. This is a sad day.
    Currently wearing: Original Vetiver by Creed

  20. #20
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    Default Re: As of today, Creed is no longer a family owned brand

    Quote Originally Posted by Marand75 View Post
    And in 3....2....1...FOMO!
    All the really unicorny stuff like Orange Spice, Acier Aluminium, Santal Imperiale, Royal English Leather, Tabarôme, and Bai de Genievre are long-gone anyway. If they kill off Bois du Portugal or Royal Water (the only traditional fougère and chypre left in the line respectively), they've only shrugged off the last vestiges of what they were. The other 90% of the line is purely modern "millenial" minded stuff already, save maybe Erolfa since it's a very dated aquatic.

    I don't think there is anything to worry about besides quality control, which has been a mixed bag for decades. If Creed goes downmarket and makes more designer-y eau de toilettes, they're effectively coming full-circle to where they were price-wise in the 80's, just with a much bigger market footprint. Stuff like Roja Dove and Royal Crown has been beating Creed at their own "ultra luxury" game for a while, so that was a battle they just realized they could no longer win. It's been a war of attrition from competitors for years.
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  21. #21
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    Default Re: As of today, Creed is no longer a family owned brand

    Private equity (or even corporate) acquisitions are never good. (see what happened to Guerlain)

    This will probably be not good for Creed - I hope I am wrong, but expect cost cutting measures such as reduced quality of materials, etc
    -

  22. #22
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    Default Re: As of today, Creed is no longer a family owned brand

    Hoping for the best with this news, nothing is guaranteed for the future quality but maybe now the prices will be back in the realistic range. If they do it right and keep the quality everyone is happy and more people can be reached and more people will buy the product.

  23. #23
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    Default Re: As of today, Creed is no longer a family owned brand

    Creed before acquisition:





    Creed after acquisition:

    -

  24. #24
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    Default Re: As of today, Creed is no longer a family owned brand

    This is why we can’t have nice things. I own and love six creed fragrances: Aventus, Green Irish Tweed, Millesime Imperial, Viking, Royal Oud, Virgin Island Water.

    In the coming months I’ll look to acquire a backup of each and hope for the best long term, but I do not have high hopes.

  25. #25
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    Default Re: As of today, Creed is no longer a family owned brand

    Re-post from another thread:

    Regarding this major development, It's exciting to see what Creed can do with more of everything, perhaps they rise up and make even more great fragrances at a reduced cost, or they could fall into conformity and blend in with other major designers using the brand as a way to push sales. So we can only speculate for now, it could be good or bad, it really depends on how big BlackRock Inc. wants Creed to be.

  26. #26
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    Default Re: As of today, Creed is no longer a family owned brand

    Quote Originally Posted by zztopp View Post
    Private equity (or even corporate) acquisitions are never good. (see what happened to Guerlain)

    This will probably be not good for Creed - I hope I am wrong, but expect cost cutting measures such as reduced quality of materials, etc
    It's pretty sure to come to pass that 'someday' in a year or two Creed's pre-takeover fragrances will become sought after unicorns and will be spoken of as legends within fragrance communities. What will be spit out by the 'new owners' is very likely to get treated with vitriol by Creed's existing fan base. I have little doubt that these eventual realities will be because they are earned. Despite the flack that some in the community give Creed, there is little argument that Creed has provided a high-end product that enthusiasts deeply enjoy. Any perceived change, whether real or not, is going to get blown out of proportion by the brand's fans. Fragrance enthusiasts already know what corporations have done to fragrance quality over the decades with ever cheaper, shoddier materials. The thought of a beloved brand like Creed getting this treatment is depressing.

    Also, the Creed family has to already realize what this will do to the brand's reputation as niche enthusiasts are extremely fickle as it is. We nitpick even the slightest hint of differences on batches. A huge control-change like this will send the Aventus fans into a frenzy of outrage. The Creed family HAS to know that the new brand owners can't "market" their way out of this buyout.
    Currently wearing: Original Vetiver by Creed

  27. #27

    Default Re: As of today, Creed is no longer a family owned brand

    What timing. I literally just purchased a 4oz older style bottle of Bois du Portugal last week.

    I don't think there's anyway to interpret this other than the quality will decline. Anyone who has ever had any experience with a company being acquired or having an investment company step in will tell you the quality of goods and/or services will certainly take a hit. That's the entire point, to trim the fat and increase profit margins, that's the goal. These folks want a serious return on their investment. I also would venture to guess Creed will introduce a budget and/or "eau" category as an additional revenue stream, and it won't be long before you see Creed stocked at places better known for common goods. They'll drive Creed hard to the masses, pulverize the brand into the ground and walk off with insane profits, Mitt Romney style.

    Creed's popularity has reached a fevered pitch so it was ripe for this to happen. I predict in 2-3 years symptoms of Creed's quality decline will begin to show and Parfums de Marly will be the next massive YouTube/bro brand (it kind've already is, they emulated Creed's approach & faux brand history quite successfully).

  28. #28
    Basenotes Junkie Hat and Beard's Avatar
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    Default Re: As of today, Creed is no longer a family owned brand

    Quote Originally Posted by rynegne View Post
    Creed, a finance bro brand!
    Couldn't agree more...bruh.
    You can't buy good taste.

  29. #29

    Default Re: As of today, Creed is no longer a family owned brand

    Get ready for Creed to produce Sephora exclusives

  30. #30
    Super Member NettyYeti's Avatar
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    Default Re: As of today, Creed is no longer a family owned brand

    I can understand everyone’s concern. This is a significant change full of uncertainty.

    However, for someone like me (a millennial, for what it’s worth), for whom a Creed bottle would be a true luxury purchase (I know, decants are an option...don’t @ me), some of the comments here feel a little like a Mercedes owner complaining that they’re going to start making Hondas.

    Buddy, all I’ve ever driven are Hondas. It ain’t that bad.

    Not the best analogy, I know. Just providing another (perhaps “99%”?) viewpoint. I like a few Creeds, but I wasn’t rushing out to purchase one before, and I’m certainly not doing so now. I wouldn’t buy a crappy car just because it was a Mercedes, but I also wouldn’t mind a little Mercedes engineering, styling, etc. in my Honda-priced vehicle. Then again, we already have fragrances like Mont Blanc Explorer, so what do I care if the 1% has their luxuries (I don’t).
    Currently wearing: Pour Un Homme by Caron




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