Gucci-owner Kering paid $3.8 billion for French fragrance label Creed, Financial Times reports

Luxury fashion conglomerate Kering has reportedly acquired French fragrance company Creed for 3.5 billion euros ($3.83 billion), according to the Financial Times. Kering aims to tap into the growing demand for high-end fragrances and further diversify its luxury portfolio. It also hopes to create an in-house cosmetics business.