Kiko Milano revenues jump 42 percent in 2022

Beauty brand Kiko Milano recorded net revenues of 671 million euros in 2022, up 42 percent compared to 2021 and 14 percent in comparison to 2019.

The company witnessed growth across all geographic areas and customer segments, with results well above pre-pandemic levels in 2019.

Commenting on the robust performance, Simone Dominici, CEO of Kiko Milano, said: "Kiko Milano's 2022 results were the best ever, beating all records of the main economic-financial indicators prior to the pandemic, thanks to the transformation from a chain of mainly regional make-up stores to a global beauty brand present in more than 60 countries.”

The company said that America was the geographic area that grew the most in the year, up 55 percent against 2021, with Brazil more than doubling sales and the United States returning to double-digit growth after difficult years, driven by e-commerce. The company added that the start in Central America was also encouraging, with the opening of new markets such as Martinique, El Salvador and Honduras.

Europe grew by 46 percent on the back of France, up 58 percent, Spain, 50 percent and Italy, 40 percent, with the United Kingdom experiencing the largest growth of 60 percent.

Asia, despite the difficult situation in China, posted a 21 percent increase, with Middle Eastern countries up 90 percent and positive entry into new markets such as Thailand and the Philippines. The company also strengthened its presence in Africa, with entry into Egypt and Morocco, with results doubling expectations.

“By the end of 2023, we will open another 120 stores, reaching more than 1,100 stores located in 75 countries. In the second half of the year we will also launch a new unified commerce platform, which will integrate all channels and systems, further improving the way we serve our customers, while gaining efficiency and capacity for growth. The development plan also aims to reach 2,000 stores by the end of 2027, entering new countries and strengthening our presence in Asia, Latin America and Africa, with the goal of achieving net revenues of 1.250 billion euros," Dominici added.

The company’s EBITDA was 75 million euros, up 350 percent or 53 million euros versus 2021 and up 18 million euros or 30 percent versus 2019.