BlackRock’s private equity fund, Long Term Private Capital (LTPC), has made another strategic move in the luxury goods market by acquiring a majority stake in Creed, one of Europe’s oldest independent perfume brands. This acquisition follows LTPC’s purchase of a majority stake in Authentic Brands Group last year. LTPC, alongside Spanish businessman Javier Ferrán, now holds the majority share of Creed. The specific financial details of the deal have not been disclosed.

Founded in London in 1760 and later relocating to France in 1864, Creed is a luxury fragrance label that is currently led by Olivier Creed, the CEO and a member of the sixth generation of the founding family. As part of this recent transaction, Ferrán, who currently serves as the president of Diageo, has been appointed as the president of Creed. Ferrán, with his experience in managing family businesses and his previous involvement with Bacardi, has also acquired a stake in the company. Olivier Creed will continue his role as the master perfumer.

Preserving the long-standing heritage of the family-owned luxury company while expanding its global reach was a crucial factor for Olivier Creed. With Creed being in the family for over 250 years, it is an iconic brand estimated to generate $200 million in revenue, according to Women’s Wear Daily. The brand currently operates stores in Paris and London, as well as four stores in the United States. Its products are also available at select retailers such as Nose in Paris and renowned department stores like Nordstrom, Saks Fifth Avenue in the US, and Harrods in the UK. With a price range of approximately €100 to €300 for their perfumes, Creed represents LTPC’s first investment in Europe.

LTPC, introduced by BlackRock in 2019, has been making notable strides in the private equity market. Its initial investment was the acquisition of a $875 million (€790 million) stake in Authentic Brands Group LLC, which boasts a diverse portfolio including well-known brands like Volcom and Juicy Couture. With the majority stake in Creed, LTPC further establishes its presence and influence in the private equity market.

For more information on BlackRock and LTPC’s investments, you can visit their official website here. To explore Creed’s luxury fragrance offerings and history, you can visit their official website here.