L Catterton acquires majority stake in Kiko Milano
In 2023, the group recorded net revenue of approximately €800m and nearly 20% year-over-year growth
Global consumer-focused investment firm L Catterton has announced that it 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.
Founded in Bergamo, Italy in 1997 by Antonio and Stefano Percassi, Kiko is one of the “largest” privately-owned colour cosmetics brands in the world and has an extensive retail network of more than 1,100 stores in 66 countries and an efficient e-commerce platform.
In 2023, the group recorded net revenue of approximately €800m (£684.1m) and nearly 20% year-over-year growth.
Meanwhile, L Catterton has significant experience investing globally in over thirty beauty brands across the globe, including Intercos, Elemis, ETVOS, Maria Nilla, and Oddity, among many others.
L Catterton has been assisted by Bonelli Erede as legal counsel and PriceWaterhouseCoopers.
While the Percassi family has been assisted by BofA Securities, Intesa Sanpaolo (IMI Corporate and Investment Banking division), BNP Paribas, Gatti Pavesi Bianchi Ludovici law firm, and Deloitte.
L Catterton stated that the terms of the transaction were not disclosed.
Antonio Percassi, who will retain the position of president of the company, 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.”
Nik Thukral, a managing partner in L Catterton’s Flagship Buyout Fund, added: “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.”
