French luxury group Kering paid €3.5bn to acquire the fragrance brand Creed as the Gucci owner embarks on a strategically important expansion into the competitive high-end beauty sector.
The Paris-based group did not disclose the terms of the deal unveiled last month for Creed, whose colognes were worn by royals including King George III, but four people familiar with the matter provided details to the Financial Times.
It is the latest sign of the valuations that buyers of luxury beauty brands are willing to pay. Earlier this year, L’Oréal snapped up minimalist soap maker Aesop in a $2.5bn deal.
Read the full story on the Financial Times here.