In a groundbreaking development for the heritage perfumer Creed, Blackrock Long Term Private Capital has acquired a majority stake in the company. This marks the first time in the brand’s 260-year history that it will no longer be under family control. Olivier Creed, the current owner, has struck a deal with Blackrock to become its new majority shareholder.
As part of this agreement, Javier Ferrán, an industry executive with extensive experience in working with luxury brands and European family-owned businesses, will join Creed as both the chairman of the board of directors and an investor. This partnership between Blackrock and Creed does not diminish the involvement of the Creed family, as Olivier Creed’s son, Erwin, will continue to work closely with the new owners.
For Blackrock, this move represents its first investment in Europe, signifying a significant step for the private equity company. Olivier Creed expressed his enthusiasm for the changes, stating that having a business leader like Javier Ferrán joining the Creed family is a significant boost. He believes that the financial support from Blackrock, combined with their long-term perspective, will ensure that Creed can continue to grow and produce high-quality fragrances.
Preserving the heritage of the luxury family business while expanding its global reach was a crucial factor in the decision to partner with Blackrock and Ferrán. Ferrán acknowledges Creed as the world’s leading artisan fragrance company and emphasizes the importance of preserving the elements that make the business exceptional. Together with Blackrock, they aim to be a unique owner for the company and recognize the potential to introduce Creed’s fragrances to new customers.
This strategic acquisition marks a turning point for Creed as it ventures into new territory with a renowned partner. With its rich history and commitment to producing exceptional scents, Creed is poised for further success under the guidance of Blackrock Long Term Private Capital and the continued involvement of the Creed family.