L Catterton acquires majority stake in Italian makeup brand Kiko Milano

LVMH-backed investment firm L Catterton today announced that it has entered a definitive agreement to acquire a majority stake in the Italian beauty brand Kiko Milano. Terms of the transaction were not disclosed.

L Catterton (…) will accelerate Kiko’s global expansion, leveraging their extensive expertise in the cosmetics sector and a global network of commercial opportunities and talent,” said Antonio Percassi, who co-founded the brand. The Percassi family will retain a significant stake in the company and Antonio Percassi will retain the position of President of Kiko Milano, added L Catterton in a statement.

Mentioning sources close to the matter, Italian newspaper ‘Il Sole 24 Ore’ estimated the value of Kiko Milano at around EUR 1.4 billion (USD 1.5 billion).

Founded in Bergamo in 1997 by Antonio Percassi and his brother Stefano, Kiko Milano has won over a quite young audience thanks to its inexpensive makeup products. Kiko Milano operates an extensive retail network of more than 1,100 stores in 66 countries, as well as an e-commerce platform. In 2023, Kiko recorded net revenue of approximately EUR 800 million and nearly 20% year-over-year growth.

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.

L Catterton is the result of a merger of the Catterton Partners investment fund with Bernard Arnault’s family office and LVMH in 2016. The firm has made over 275 investments in some of the world’s most iconic consumer brands, including Germany’s Birkenstock, India’s Sugar Cosmetics and Swedish hair care brand Maria Nila.

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