licenses for the fragrance and beauty of Bottega Veneta and Balenciaga. It is the largest acquisition in L’Oréal’s history and a clear signal that the group wants to dominate the very top of the fragrance pyramid, not just the premium and prestige tiers. Zoom in on Creed and you see why.

The niche fragrance market is expected to reach around €4.8 billion in 2026, growing roughly 9% a year, driven by personalisation, rarity and a storytelling that feels more human than corporate.

Creed sits at the epicentre of that movement: a heritage brand, associated with made‑to‑measure origins, which has managed to command some of the highest prices on the market without losing desirability. That is precisely why the €4 billion figure triggers not only admiration but also concern.

To justify the investment, L’Oréal will almost certainly push for broader international reach, more structured distribution and stronger visibility in iconic locations: think top tier Paris department stores, global flagships and high impact travel retail…