04.26.24
L Catterton has entered a definitive agreement to acquire a majority stake in the Italian beauty brand Kiko Milano from the founding Percassi Family, who will retain a significant stake in the company.
L Catterton has invested in more than 30 beauty brands across the globe, including Intercos, Elemis, ETVOS, Maria Nilla, and Oddity, among many others.
Terms of the transaction were not disclosed.
Founded in Bergamo, Italy in 1997 by Antonio and Stefano Percassi, Kiko is among the largest privately-owned color cosmetics brands in the world. Kiko has a deep Italian heritage and a diverse portfolio of prestige-quality products. With an extensive retail network of more than 1,100 stores in 66 countries and e-commerce platform, Kiko said it attributes its loyal following through its unique in-store experience. In 2023, Kiko recorded net revenue of approximately €800 million and nearly 20% year-over-year growth, per the company.
"We founded, in the late 1990s, a brand that has evolved into an international hallmark, cherished by clients across generations and experiencing exponential growth,” said Antonio Percassi, who will retain the position of company president. “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."
Nik Thukral, a managing partner in L Catterton's flagship buyout fund, said the partnership with Antonio and the Percassi Family will further build on the brand's strength, 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 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."