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L Catterton acquires majority stake in Kiko Milano as it bolsters global growth strategy

Sophie Smith
26 April 2024

L Catterton, the private equity fund backed by LVMH, has acquired a majority stake in Italian cosmetics brand Kiko Milano.

Kiko Milano was established by Antonio and Stefano Percassi in 1997. The founding family will continue to retain a minority stake in the company, according to WWD, with Antonio Percassi remaining as President and Simone Dominici as CEO at the firm.

"We founded, in the late 1990s, a brand that has evolved into an international hallmark, cherished by clients across generations and experiencing exponential growth," Antonio Percassi said.

"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."

Since 1989, L Catterton has made more than 250 investments in brands across all segments of the consumer industry.

With around $34 billion of assets under management dedicated to growing middle market companies and emerging high-growth enterprises, the firm describes itself as "the largest and most experienced consumer-focused private equity group in the world".

L Catterton's current and past beauty investments include Oddity (parent company of Il Makiage), Merit, Function of Beauty, The Honest Company and Elemis, amongst others.

Earlier this year, it also invested in Tod's to help its founders take the Italian luxury fashion brand private.

The new partnership with Kiko Milano aims to further accelerate the brand's global growth. It comes as the cosmetics company continues to expand its retail footprint across the UK, with plans to open additional stores in key shopping districts this year.

"I'm confident that this collaborative partnership with L Catterton will help us to bring Kiko to new heights," Dominici told WWD.

"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."

The move follows a record year for Kiko Milano in 2023, with net sales rising 19.4% to 797 million and EBITDA up by 65%. It finished the year with 1085 stores across 66 markets.

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