Tuesday, July 4, 2023

How the Perfume Market Game is Changing

 The drift into the corporate mainstream by some of the older niche brands always creates the risk of a possible (or rather probable?) diminishing of innovation and creativity as a result: Tom Ford, L'Artisan Parfumeur, Penhaligon's, Le Labo, Diptyque, you name it... We're therefore experiencing niche 2.0 with newer artisan and indie brands. Creed is the latest brand to be sold to a large luxury group, to Kering to be specific. 

Creed was a family business with a disputed past into fragrance making (the history of the Creed fragrance brand as examined for inconsistencies is laid bare in this piece I wrote). In short, Creed is a Paris-based perfume house renowned for its self-styled history and the unquenchable thirst for name-dropping. It has been possible to find and acquire in garage sales and collectors' catalogues perfumes created by Guerlain, Chanel, Caron, etc. worldwide. Yet it proved virtually impossible to find specimens of a Creed fragrance prior to the '70s.  



In 2020 after decades of tight family management, the perfume house of Creed was sold to BlackRock Long Term Private Capital and Javier Ferrán, the Spanish businessman and chairman of Diageo. At the time, Olivier Creed said that Ferrán and BlackRock LTPC were “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.” BlackRock is incidentally one of the biggest property management firms on the planet. It was around that time that Aventus for Men had become their ultimate best-seller, the best-seller to end all best-sellers, a Jean-Christian Herault composition with prominent fresh pineapple over notes of green apple, patchouli, birch and ambergris.  

 Creed has now been bought up by a large luxury group that controls famous houses. Kering is a French multinational company specializing in luxury goods. It owns the brands Balenciaga, Bottega Veneta, Gucci, Alexander McQueen, and Yves Saint Laurent. It remains to be seen what will happen to Creed and to Aventus in particular, which latter subject has been under scrutiny for watering down by its many fans for a couple of years now... 
I guess we will see about that. The point is the perfume market game is changing and we'll see more developments soon. 


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