L Catterton acquires majority stake in Kiko Milano

Private equity fund L Catterton, backed by luxury giant LVMH Moët Hennessy Louis Vuitton, has entered a definitive agreement to acquire a majority stake in Italian beauty brand Kiko Milano. Financial terms of the transaction were not disclosed.

Transaction snapshot

  • Deal value: Approximately €1.4bn ($2.3bn)
  • Deal multiples: N/A
  • Deal type: Majority stake acquisition
  • Investors: L Catterton

Kiko Milano was founded in 1997 by entrepreneurs Antonio and Stefano Percassi. The company generated sales of EUR 798 million in 2023, a 19% increase from the previous year, ranking 49th in WWD Beauty Inc's annual ranking of the world's largest beauty companies by sales. Kiko Milano operates more than 1,100 stores globally and sells its products in over 66 markets.

The Percassi family will retain a minority stake in the company, with Antonio Percassi retaining his role as president. Simone Dominici will continue as CEO of Kiko Milano.

L Catterton's acquisition aims to accelerate Kiko's global growth, particularly in the U.S. market. In 2023, Kiko's sales grew 43% in the Americas, 21.3% in Asia, and 18.6% in Europe compared to 2022.

Nik Thukral, a managing partner in L Catterton's Flagship Buyout Fund, stated that the fund has long admired Kiko for its distinctive style, quality products, and global appeal. L Catterton plans to further build on the strength of the brand alongside industry veteran and senior advisor John Demsey.

L Catterton has significant experience investing in the beauty category, with current and past investments including Tula, Merit, Oddity (parent company of Il Makiage), Bliss, Function of Beauty, The Honest Company, Elemis, Nutrafol, and Marubi. In 2022 alone, L Catterton made investments in Swedish sustainable professional hair care brand Maria Nila, Irene Forte Skincare, and color cosmetics label Dibs Beauty.

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