L Catterton Acquires Majority Stake in Kiko Milano

LVMH-backed investment firm L Catterton has entered a definitive agreement to acquire a majority stake in Italian beauty brand Kiko Milano. The founding Percassi Family will continue to retain a minority stake in the company. Terms of the transaction have not been disclosed.

Kiko was founded in Bergamo, Italy in 1997 by Antonio and Stefano Percassi. With its deep Italian heritage and accessible price point, Kiko has become a household name and remains one of the largest privately-owned colour cosmetics brands in the world.

Kiko Milano boasts an extensive retail network of more than 1,100 stores across 66 countries and has amassed a large and loyal following through its unique in-store experience and diverse portfolio of quality-led, high-performance products. In 2023, Kiko recorded net revenue of approximately €800 million and nearly 20% year-over-year growth.

“Kiko’s unrivalled scale, first-to-market advantage, and ability to provide unmatched product offerings at accessible prices uniquely positions the Company for global success,” added 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.”

L Catterton is a market-leading consumer-focused investment firm, managing approximately $35 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Founded in 1989, the firm has made over 275 investments in consumer brands. L Catterton’s current and past beauty investments include Elemis, The Honest Company, bliss, and Il Makiage.

“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 Mr. Dominici, Kiko Milano’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.”