L Catterton announced it has acquired a controlling interest in the Italian beauty label KIKO Milano from the founding Percassi Family. The Percassi Family will maintain a notable ownership position in the company. Specific details of the deal were not revealed.
Established in Bergamo, Italy in 1997 by Antonio and Stefano Percassi, KIKO stands as one of the world’s largest privately-owned brands for color cosmetics. Rooted in Italian tradition, KIKO offers a diverse range of high-quality products at affordable prices, earning widespread popularity across various consumer demographics. With a robust presence spanning over 1,100 stores across 66 countries and a well-functioning online platform, KIKO has garnered a devoted customer base. Renowned for its innovative in-store experience and top-notch products, KIKO achieved approximately 800 million euros in net revenue in 2023, marking nearly a 20% increase from the previous year.
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 advisor, John Demsey.”
“KIKO’s unrivaled scale, first-to-market advantage, and ability to provide unmatched product offerings at accessible prices uniquely position 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.”
Mr. Dominici, KIKO’s CEO said, “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. 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.”
