L Catterton has acquired a majority stake in Kiko Milano to help scale the Italian beauty brand.
The private equity fund backed by LVMH wants to accelerate Kiko Milano’s growth plans after the company reported a stellar 2023 performance.
The mass cosmetics brand recorded net revenue of approximately €800m last year, with a nearly 20% year-over-year growth.
Kiko MIlano CEO Simone Dominici said the partnership with L Catterton will enable the company to reach “new heights” in terms of expansion.
“With its depth of experience investing in the beauty category across markets, L Catterton will be able to offer valuable insights to help us further scale our brand,” said Dominici.
“By pursuing an omnichannel strategy and establishing new and relevant geographical footprints, such as the US.
“Also aided by the support of John Demsey [L Catterton’s Senior Advisor].”
Kiko Milano was founded in 1997 by the Percassi family and now has more than 1,100 shops in 66 countries.
The terms of the deal were not disclosed but the brand’s founding family will retain a “significant” stake in the company.
Antonio Percassi will also maintain his position as company President.
Nik Thukral, a Managing Partner in L Catterton’s Flagship Buyout Fund, said the investment firm has “long admired” Kiko Milano.
“For its distinctive style, quality products and global appeal,” commented Thukral.
“We are deeply honoured to partner with Antonio and the Percassi family to further build on the strength of this iconic brand.”
L Catterton's beauty portfolio includes Merit and Oddity.
The firm has also backed synthetic collagen maker Trautec, Californian skin care brand Eighth Day and Swedish professional hair care Maria Nila in the past 12 months.
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