Kiko is no longer just Italian. Percassi sells the majority to the L Catterton fund

MILANO – Made in Italy cosmetics by Kiko it gets a new look and changes ownership. The bottom L Catterton, specialized in investments in the consumer sector, has acquired the majority of the cosmetics group with over 800 million euros in revenues. The Percassi family, which founded Kiko in 1997, will retain a “significant stake” in the company. “We are open to a partnership with an investor of international importance such as L Catterton, who we believe will be able to contribute to accelerating the growth of Kiko on a global level, providing vast experience and a large network in the cosmetics sector”, declares Antonio Percassi , who will remain president of Kiko.

The press release gave no information on the terms and value of the operation. L Catterton, a private equity fund supported by LVMH, also launched a takeover bid for Tod’s in agreement with the Della Valle family, investing in over thirty brands in the beauty sector globally, including Intercos, Elemis, Etvos, Maria Nilla and Oddity.

Founded in Bergamo in 1997 by Antonio and Stefano Percassi, Kiko has a diverse portfolio of affordable products, with a sales network of over 1,100 stores in 66 markets and an e-commerce platform. In 2023 revenues amounted to approximately 800 million euros, with growth close to 20% over 2022.

“We have long admired Kiko for its distinctive style, quality products and international brand appeal and are deeply honored to partner with Antonio and the Percassi family to further strengthen the global positioning of this iconic brand, together with John Demseya leading industry expert and senior advisor to L Catterton,” said Nik Thukral, managing partner of L Catterton’s Flagship Buyout Fund.

“Kiko’s undisputed leadership in all the markets in which it operates, together with its ability to offer unrivaled products at affordable prices, are the essential elements to consolidate the success of the brand. We have significant experience in developing leading brands in Europe and we look forward to working alongside CEO Simone Dominici and his team to unlock the company’s incredible potential,” he added Arabella Caporello, partner di L Catterton Europe.

“The quality of innovative products, accessibility, personalized advice and an attractive packaging design are the distinctive elements of the brand. I am confident that this partnership with L Catterton can help us take Kiko towards new and even more ambitious goals”, the words of Simone Dominici, CEO of Kiko. “With their deep knowledge of the beauty sector at an international level, they will be able to offer a valuable contribution to further expand our brand, through omnichannel strategies and the opening of new and important geographies, such as the USA, thanks also to the support by John Demsey”.

L Catterton was assisted by the Bonelli Erede firm and PriceWaterhouseCoopers, the Percassi family by BofA Securities, Intesa Sanpaolo, Bnp Paribas, Studio Gatti Pavesi Bianchi Ludovici and Deloitte.