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