L Catterton acquires majority stake in Kiko Milano

LVMH investment vehicle, L Catterton, has announced the acquisition of a majority stake in the Italian beauty brand Kiko Milano from the founding Percassi Family. The Percassi Family will retain a significant stake in the Company and specific terms of the deal have not been disclosed.

Established in Bergamo, Italy, in 1997 by Antonio and Stefano Percassi, Kiko stands out as one of the world's largest privately-owned colour cosmetics brands. With a rich Italian heritage and a wide range of high-quality products available at affordable prices, Kiko has gained widespread popularity across various consumer demographics.

The brand boasts an extensive retail presence, with over 1,100 stores in 66 countries, along with a robust e-commerce platform. Kiko has built a large and loyal customer base through its unique in-store experience and its focus on quality-driven, high-performing products. In 2023, Kiko reported net revenue of approximately Euro 800 million, with nearly 20 percent year-over-year growth.

Antonio Percassi, President of the Company, expressed his satisfaction with the partnership, stating, “We founded a brand in the late 1990s that has grown into an international icon, cherished by clients across generations and experiencing exponential growth. We are very pleased to partner with L Catterton, whom we believe will accelerate KIKO's global expansion.”

Arabella Caporello, Partner at L Catterton, highlighted Kiko's potential for global success, emphasizing the Company's scale, first-to-market advantage, and ability to offer unmatched products at accessible prices.

L Catterton in a statement said it has significant experience investing globally in over thirty beauty brands, including Intercos, Elemis, ETVOS, Maria Nilla, and Oddity, amongst others.