A person with knowledge of the negotiations estimates that the accessible Italian makeup producer Kiko Milano is valued at approximately €1.4 billion ($1.5 billion) including debt. Private equity fund L Catterton has announced that it is purchasing a controlling stake in the family-owned business.
L Catterton, which specializes in consumer goods and is linked to the French group LVMH, is buying the stake of the Italian Percassi family, which founded what is now one of the world’s largest private make-up brands in 1997.
“In the late 1990s, we launched a brand that has grown exponentially and become a global icon, beloved by customers of all generations. Antonio Percassi, who will continue to serve as the company’s president, said, “We are thrilled to work with L Catterton, who we think will accelerate KIKO’s global expansion, leveraging their extensive expertise in the cosmetics sector and a global network of commercial opportunities and talent.”
“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.”
