Remo Casilli/REUTERS
After the purchase of Birkenstock sandals, which are now listed on the stock exchange, the investment fund L Catterton takes control of the Italian cosmetics brand Kiko Milano.
Three years after purchasing the founding family’s famous Birkenstock sandals, L Catterton, co-owned by the Catterton investment fund, global luxury giant LVMH and Bernard Arnault’s family holding company, takes control of Italian cosmetics brand Kiko Milano.
The company, founded twenty-five years ago, is valued at 1.4 billion euros, according to the newspaper Il Sole 24 Ore. It is preparing to join the L Catterton fund’s portfolio of 55 participating brands, alongside Jott down jackets, luxury fashion brand APC, CÉ LA VI restaurants, Ganni womenswear and Birkenstock sandals, which will launch in November were introduced on Wall Street.
Coveted by L’Oréal for a while
Founded in 1997 in Bergamo by brothers Antonio and Stefano Percassi, Kiko Milano has built its success on affordable cosmetic ranges that appeal to young people. According to Fashion Network’s website, it would reach a turnover of 700 million euros in 2022, an increase of 42% year-on-year, for a gross operating surplus of 75 million euros.
Kiko was coveted by Ll’Oréal more than a decade ago, before the world leader in cosmetics acquired American Nyx in 2014, and has strong ambitions, including a move up the market. The brand wants to grow from 1,100 to 2,000 stores by 2027 and achieve a turnover of 1.25 billion euros.
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