Two months after the takeover bid launched on the Tod’s group, LVMH returns to shopping in Italy and takes over 70% of Kiko, a cosmetics brand founded by the Percassi group. Also in this case, the French giant completed the operation through L Catterton: the fund specialized in investments in the consumer sector and co-founded by LVMH and the Arnault family.
The check given to the Percassi family – who had been looking for a fund to increase international development for some time – would be around 1 billion for an enterprise value of around 1.4 billion. Kiko Milano is a cosmetics group with over 800 million euros in revenues and the Percassi family – who will retain 30% of the company, as well as the presidency and operational management with Antonio Percassi president and Simone Dominici CEO – founded the brand in 1997. Rapid growth and development of the group which today has a sales network of 1,100 stores in 66 markets and an e-commerce platform.
In 2023 Kiko reached the top of revenues with a growth close to 20% compared to 2022 when turnover had already risen to 671 million (up 42% compared to 2021 and 14% compared to 2019).
In the European market the brand grew by 46% driven by countries such as France (+58%) and Spain (+50%), while the United Kingdom recorded the most significant increase (around 60%). In Italy, however, growth stood at around 40 percent. Also in 2023, another 120 stores were opened, with a presence in around 75 countries. «We are open to a partnership with an investor of international importance such as L Catterton, who we believe will be able to contribute to accelerating the growth of Kiko on a global level, providing vast experience and a large network in the cosmetics sector”, said Percassi On the other hand, L Catterton has a portfolio of over 30 brands in the beauty sector globally, including Intercos, Elemis, Etvos, Maria Nilla and Oddity.
According to Kiko’s CEO, the new owners “will be able to offer a valuable contribution to further expand the brand”, with the US target in their sights.
In the operation, L Catterton was assisted by Bonelli Erede and PriceWaterhouseCoopers, while Percassi’s advisors were BofA Securities, Intesa Sanpaolo (IMI Corporate & Investment Banking), BNP Paribas, Gatti Pavesi Bianchi Ludovici and Deloitte.
