CEO to step down at the end of October

At the end of October, Sarah Rotheram will step down as managing director of French-English fragrance house Creed, a position she has held for the past five years. Her departure comes a year after the completion of the acquisition of Creed by French luxury group Kering. According to the Financial Times, the takeover cost €3.5 billion.

In a statement, Creed said that until a successor is appointed, Raffaella Cornaggia, CEO of Kering Beauté, the luxury giant’s division created in early 2023 to accelerate growth in the cosmetics sector for its Bottega Veneta, Balenciaga, Alexander McQueen and Pomellato brands, will lead the team.

“Working with Sarah Rotheram and her team over the past year, we have continued to successfully implement the acquisition strategy, including expanding the women’s fragrance portfolio and maintaining sales momentum,” said Raffaella Cornaggia.

Founded in 1760 by James Henry Creed, Creed posted sales of around €250 million in 2023. The brand has around forty shops and 1,400 retailers.

“A shareholder like Kering Beauté, which embodies our values of craftsmanship, innovation and commitment to quality, allows Creed to benefit from longer-term strategic thinking and to continue to protect the heritage of our beautiful house,” said Sarah Rotheram.

For the first half of its 2024 financial year ending June 30, the Kering group announced sales of €9 billion, down 11%. However, the Eyewear & Corporate division, which also includes beauty, saw its sales jump by 23%, topping the billion euro mark.