LVMH continues to absorb. The luxury conglomerate backed by its private equity fund L Catternon has acquired a majority stake in Kiko Milano. The terms of the deal are not known, although the Percassi family, who founded the cosmetics company, which specialises in colour cosmetics, will still retain a ‘significant’ stake in Kiko Milano.
The firm's investment will help the Italian beauty brand expand its omnichannel strategy after a strong performance in 2023. Kiko Milano posted net revenues of almost €800 million last year, up almost 20 per cent on the previous year.
Kiko MIlano CEO Simone Dominici said the partnership with L Catterton will allow the company to reach ‘new heights’ in terms of expansion. The company's CEO has indicated that thanks to L Catterton's expertise they can employ their experience to scale their brand.
The Italian cosmetics brand was founded in 1997 by the Percassi family and has more than 1,100 physical points of sale in over 65 countries.
The founding family will retain both a significant share of the company and the current president, Antonio Percassi, will also retain his position in the company.