A 50-year perfume power play: L’Oréal picks up Creed and locks in Gucci, Bottega Veneta, Balenciaga

I almost spilled my morning espresso when I read it. A 50-year licensing pact in fragrance time is basically till-death-do-us-part. L’Oréal will acquire the House of Creed, and take on exclusive fragrance and beauty licenses for Gucci after 2028, plus Bottega Veneta and Balenciaga starting at close, expected first half of 2026. That is not a shuffle. That is a dynasty move.

What changes when:

• Creed: integration hits once the deal closes. Eyes on Aventus, Green Irish Tweed, Silver Mountain Water. More doors, tighter QC, maybe cleaner batch variation. Also the eternal question, will reformulations whisper or shout.
• Gucci: current license remains with Coty until 2028. After that, L’Oréal takes creative and distribution reins. Think about pillars like Gucci Bloom, Gucci Guilty, Mémoire d’une Odeur, and the couture tier, The Alchemist’s Garden. Continuity is never guaranteed when a license migrates, which is thrilling and terrifying in equal measure.
• Bottega Veneta and Balenciaga: kick in at closing, slated 2026. Bottega Veneta Eau de Parfum, Knot, Illusione deserve a sharper spotlight. Balenciaga Paris, Florabotanica, B. Balenciaga have been quiet. A reboot feels inevitable.

Let’s skip the corporate sugar. This is scale and stewardship meeting desire and memory. L’Oréal knows how to industrialize excellence when it wants to, and it also knows how to flood shelves. If you collect Creed, document batch codes now and keep your nose on pre vs post-acquisition bottlings. If you adore the Coty-era texture of Gucci florals or the oddball mineral-herbal hum of Mémoire d’une Odeur, do some side-by-side skin tests and file scent memories. You will want the receipts when the tide shifts.

Fifty years is a long runway for any luxury house. Expect strategic pruning, a few disappearances, and new flagship launches. The niche-to-mainstream tension will hum louder at Creed, while the fashion-first storytelling at Gucci, Bottega Veneta, and Balenciaga could finally get the production muscle to match their catwalks. I am cautiously excited, slightly suspicious, and absolutely ready to sniff everything that follows.