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
media@lcatterton.com
+1 203 742 5185
Federico Fabretti
federico.fabretti@cominandpartners.com
+39 335 753 4768
Tommaso Accomanno
tommaso.accomanno@cominandpartners.com
+39 340 770 1750
Percassi & KIKO
Cristina
Fossati, Angela Fumis, Maria Clara
Bertolli
percassi@imagebuilding.it
+39 02 89011300
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SOURCE L Catterton