L Catterton Acquires Majority Stake in KIKO Milano from Percassi Family

News provided by

Apr 26, 2024, 09:03 ET

Partnership Aims to Accelerate Global Growth

GREENWICH, Conn., April 26, 2024 /PRNewswire/ -- L Catterton, a leading global consumer-focused investment firm, today announced that it has entered a definitive agreement to acquire a majority stake in the Italian beauty brand KIKO Milano ("KIKO" or the "Company") from the founding Percassi Family, who will retain a significant stake in the Company. Terms of the transaction were not disclosed.

Founded in Bergamo, Italy in 1997 by Antonio and Stefano Percassi, KIKO is one of the largest privately-owned color cosmetics brands in the world. With deep Italian heritage and a diverse portfolio of prestige-quality products at an accessible price point, KIKO has become a household name in beauty that is beloved across nearly all consumer demographics. With an extensive retail network of more than 1,100 stores in 66 countries and an efficient e-commerce platform, KIKO has cultivated a large and loyal following through its unique in-store experience, the first of its kind for a company in this sector, and quality-led, high-performing products. In 2023, KIKO recorded net revenue of approximately Euro 800 million and nearly 20% year-over-year growth.

"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," stated Antonio Percassi, who will retain the position of President of the Company.

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 honored 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."

"KIKO's unrivaled scale, first-to-market advantage, and ability to provide unmatched product offerings at accessible prices uniquely positions the Company for global success," added Arabella Caporello, a Partner in L Catterton's Europe Fund. "We have significant experience scaling leading brands in Europe, and we look forward to working alongside CEO Simone Dominici and his team to capture the Company's incredible potential."

"Innovative products' quality, accessibility, personalized consultancy, and captivating packaging design stand as the brand's distinctive elements. I am confident that this collaborative partnership with L Catterton will help us to bring KIKO to new heights," said Mr. Dominici, KIKO's CEO. "With their depth of experience investing in the beauty category across markets, they will be able to offer valuable insights to help us further scale our brand, by pursuing an omnichannel strategy and establishing new and relevant geographical footprints, such as the U.S., also aided by the support of John Demsey."

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. Percassi Family has been assisted by BofA Securities, Intesa Sanpaolo (IMI Corporate & Investment Banking division), BNP Paribas, Gatti Pavesi Bianchi Ludovici law firm, and Deloitte.

About L Catterton
L Catterton is a market-leading consumer-focused investment firm, managing approximately $35 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 275 investments in some of the world's most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

About Percassi
Percassi is a diversified group engaged in the development and management of franchised retail networks for renowned brands including Nike, Jordan, Victoria's Secret, Bath&Body Works, LEGO, Gucci, Armani Exchange, Saint Laurent, Garmin, and Starbucks. Additionally, Percassi operates its own brands such as KIKO Milano, Womo, and Bullfrog, and is active in the sports sector with Atalanta. Furthermore, the group is involved in real estate developments. For more information, please visit: www.percassi.com.

About KIKO Milano
Founded in 1997 and headquartered in Bergamo, Italy, KIKO Milano has revolutionized the way cosmetics are sold worldwide and now stands as the leading Italian cosmetic and skincare brand with a distinctive product portfolio of high-quality formulations available at an accessible price point. By combining quality and creativity rooted in its Italian heritage, KIKO has captivated the most discerning beauty enthusiasts leveraging an extensive range of shades, tones, and textures to meet all diverse client needs. KIKO also boasts a unique experiential retail network of more than 1,100 stores spanning Europe, Asia, and the Middle East and being present in 66 countries.

Contacts:

L Catterton
Julie Hamilton
[email protected]
+1 203 742 5185

Federico Fabretti
[email protected]
+39 335 753 4768

Tommaso Accomanno
[email protected]
+39 340 770 1750

Percassi & KIKO
Cristina Fossati, Angela Fumis, Maria Clara Bertolli
[email protected]
+39 02 89011300

SOURCE L Catterton