Intercos SpA is setting its sights on a major push into the United States, targeting an expansion worth as much as $200 million through acquisitions in the skin and hair care space. The Italian cosmetics manufacturer, which counts Estée Lauder and Dolce & Gabbana among its clients, is in talks to secure at least one deal as it looks to strengthen its footprint in the world’s largest beauty market.
“We are proactively trying to buy a company in the skin and hair care sector in the US,” said chief executive officer Renato Semerari, noting that the company’s current U.S. operations—two makeup plants—don’t give it the capacity needed to compete for the biggest brands or rising trendsetters. “There is a gap in our industrial footprint in that segment.” While Semerari confirmed that one target has already been identified, he said due diligence has yet to begin and a deal is unlikely to close before year-end.
Founded in 1972 by chairman Dario Ferrari, who still holds a 32% stake, Brianza-based Intercos has grown into a €1.17 billion ($1.38 billion) company that develops, produces, and packages beauty products for leading global names. Ferrari’s vision reshaped the beauty industry, with a breakthrough partnership formed when Estée Lauder embraced one of Intercos’ powder formulas—an innovation that helped cement the company’s role as a strategic supplier to multinational brands.
The U.S. remains central to Intercos’ growth ambitions, with Semerari underscoring its role as the hub of Western beauty innovation. Despite rising tariffs, the company has avoided disruptions by shifting production between Italy, South Korea, and the U.S., shielding clients from higher costs.
Intercos recently reported first-half 2025 sales up 5% year-on-year to €525 million, with adjusted Ebitda rising 17% to €75 million. Full-year Ebitda is projected to reach around €154.9 million, in line with analyst forecasts. While Semerari acknowledged consumer caution amid inflation and global uncertainty, he expressed confidence the company will deliver on its earnings outlook, pointing to the resilience of beauty demand—even in challenging times.
