Gucci-Owner Kering Paid $3.8 Bln for French Fragrance Label Creed 

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
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Gucci-Owner Kering Paid $3.8 Bln for French Fragrance Label Creed 

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)

Gucci-owner Kering paid 3.5 billion euros ($3.83 billion) for acquiring high-end French fragrance label Creed in June, the Financial Times reported on Monday, citing people familiar with the matter.

The French luxury group made the acquisition since flagging intentions earlier in the year to create an in-house cosmetics business.

The all-cash deal to acquire 100% of the 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.

Part of the reason the details of the transaction were not provided earlier was that the companies did not want to broadcast Creed's steep profit margins, according to the FT report.

Kering and Creed did not immediately respond to a Reuters request for comment.



Gucci Dreams of Magical Sunsets at Milan Fashion Week

 A model presents a creation from the Gucci Spring/Summer 2025 collection during Fashion Week in Milan, Italy, September 20, 2024. (Reuters)
A model presents a creation from the Gucci Spring/Summer 2025 collection during Fashion Week in Milan, Italy, September 20, 2024. (Reuters)
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Gucci Dreams of Magical Sunsets at Milan Fashion Week

 A model presents a creation from the Gucci Spring/Summer 2025 collection during Fashion Week in Milan, Italy, September 20, 2024. (Reuters)
A model presents a creation from the Gucci Spring/Summer 2025 collection during Fashion Week in Milan, Italy, September 20, 2024. (Reuters)

Gucci sought to recreate the magic of summer sunsets at Milan Fashion Week on Friday with a colorful line that at times nodded to the 1960s.

Creative director Sabato De Sarno began the show for his spring/summer 2025 collection, called “Casual grandeur”, with a tailored zipped jacket and floor-length trousers slit at the front bottom, opening up over sneakers.

Models wore draped or sleeveless dresses in various colors adorned with golden buckles as well as see-through lace frocks.

There were looks that mirrored 1960s styles with short A-line skirts, structured jackets and shorts. Long coats were worn over tank tops and long denim trousers. Some coats were adorned with sparkling fringes.

Models walked down a red catwalk with lighting ranging from white to warmer shades, nodding to the "moment the sun dives into the sea at the end of an August day", De Sarno said in show notes.

“It’s the moment we find ourselves. This collection is a tribute to those moments, and an invitation to stop, seek your own moment," he said, as the show drew Oscar winner Jessica Chastain and Italian tennis star and world No. 1 Jannik Sinner among celebrity guests.

Accessories included large summer hats, an array of handbags and footwear that varied from loafers and boots to platforms with transparent heels.

De Sarno's color palette included grey, brown, different shades of green, white, orange and red.

De Sarno, who presented his first Gucci show a year ago, has been resetting the Italian luxury brand with his sleek, pared-back creations since taking over from former designer Alessandro Michele, known for his eclectic styles.

“A year later, this collection shows an accomplished journey of construction,” De Sarno said.

Gucci is the largest brand at Kering where it accounts for half of the French luxury group’s sales.

In July, Kering reported a bigger-than-expected drop in second-quarter sales and forecast a weak second half, as the group works to re-energize Gucci while facing subdued demand from Chinese shoppers.