The French luxury group Kering acquired Creed for €3.5 billion.

As the owner of Gucci begins a strategically significant push into the cutthroat high-end beauty market, French luxury giant Kering spent €3.5 billion to purchase the fragrance company Creed.

It is the most recent indication of the prices that consumers of luxury beauty products are prepared to pay.

Aesop, a manufacturer of simple soap, was acquired by L’Oréal earlier this year for $2.5 billion.