Family-owned perfumer Creed has taken a big step forward as BlackRock Long Term Private Capital has reached a deal with Olivier Creed to become its new majority shareholder. It’s the first time the 260-year-old business, which was founded in London when George III was new to the throne, won’t be under family control.
The private equity company said that “industry-leading executive Javier Ferrán will become chairman of the company’s board of directors and join as an investor”.
Ferrán has extensive experience with niche luxury brands and in working with European family-owned businesses, all of which means that the Creed family isn’t bowing out. In fact, the new owners will work closely with the Creed family, including Olivier Creed’s son Erwin, at the brand.
It’s a big move for Blackrock too, this being its first investment in Europe.
Olivier Creed said of the changes: “To have a business leader of Javier’s calibre join the Creed family is a significant boost to the business. His leadership and experience in the family-owned luxury sector, as well as the financial support of a new majority investor with long term DNA, will ensure that Creed can continue to develop and produce the world’s greatest scents.
“This business has been in my family for over 250 years and it was critical that, when the time was right, I was able to choose the best partners who would be able to best maintain our heritage as a luxury family business while helping us reach more people around the world.
“Both Javier and our new partners at BlackRock are 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.”
Ferrán added that with the company being the world’s leading artisan fragrance company, “I am looking forward to maintaining all the elements that make this such a great business. BlackRock brings the right approach to building a premium brand, and together we can be a unique owner for the company. All of us recognize that the fragrance can reach new customers and enable them to experience the joy of Creed while growing carefully and thoughtfully over time.”