L Catterton acquires majority stake in KIKO Milano
L Catterton, the global consumer-focused investment firm, has agreed to acquire a majority stake in the KIKO Milano Italian beauty brand.
While terms of the transaction have not been disclosed, the founders of the business, the Percassi family, will retain a significant stake.
Established in Bergamo in 1997 by Antonio and Stefano Percassi, KIKO has a retail network of more than 1,100 stores in 66 countries.
In 2023, the company recorded net revenue of approximately €800 million and nearly 20% year-on-year growth.
Antonio Percassi will remain as president of the company following the acquisition.
Commenting on the news, Percassi said: “We founded, in the late 1990s, a brand that has evolved into an international hallmark, cherished by clients across generations and experiencing exponential growth.
“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.”
L Catterton has significant experience in the beauty sector and has previously invested in over 30 beauty brands, including the likes of Intercos, Elemis, ETVOS, Maria Nilla, and Oddity.
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 honoured 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.”
