L Catterton Takes Majority Stake in Kiko Milano, Eyes US Expansion

L Catterton, which recently took stakes in brands such as Maria Nila, Irene Forte and Eighth Day, has purchased a majority stake in Kiko Milano from the founding Percassi family, which will retain a "significant stake" in the company. Terms of the transaction were not disclosed.

Notably, the brand is eyeing international expansion, particularly in the United States.

The 27-year-old brand retails in 1,100 stores in 66 countries and, in 2023, recorded net revenue of about 800 million euros, representing almost 20% year-over-year growth.

"We founded, in the late 1990s, a brand that has evolved into an international hallmark, cherished by clients across generations and experiencing exponential growth," said Antonio Percassi, who will retain the position of president of the company. "We are very pleased to partner with L Catterton, whom we believe will accelerate KIKO's global expansion, leveraging their extensive expertise in the cosmetics sector and a global network of commercial opportunities and talent."

Nik Thukral, a managing partner in L Catterton's flagship buyout fund, said, "We have long admired Kiko for its distinctive style, quality products, and global appeal and are deeply honored to partner with Antonio and the Percassi family to further build on the strength of this iconic brand, alongside industry veteran and L Catterton senior adviser, John Demsey."

"Kiko's unrivaled scale, first-to-market advantage, and ability to provide unmatched product offerings at accessible prices uniquely positions the company for global success," said Arabella Caporello, a partner in L Catterton's Europe fund. "We have significant experience scaling leading brands in Europe, and we look forward to working alongside CEO Simone Dominici and his team to capture the Company's incredible potential."

"Innovative products' quality, accessibility, personalized consultancy, and captivating packaging design stand as the brand's distinctive elements. I am confident that this collaborative partnership with L Catterton will help us to bring KIKO to new heights," said Simone Dominici, Kiko's CEO. "With their depth of experience investing in the beauty category across markets, they will be able to offer valuable insights to help us further scale our brand, by pursuing an omnichannel strategy and establishing new and relevant geographical footprints, such as the U.S., also aided by the support of John Demsey."