- 2024-04-28
- 阅读量：3942
- 来源｜Cosmetic Business Online
- 作者｜Shi Run Mei
The brand is valued at approximately RMB 10.8 billion.
On April 26, L Catterton, the private equity firm of French luxury goods group LVMH, announced that it had reached a definitive agreement with the Percassi family to acquire a majority stake in the Italian fashion and makeup brand KIKO Milano (“KIKO”) from the founding Percassi family. “) from the founding Percassi family. The exact terms of the transaction have not been disclosed at this time.The Percassi family will continue to retain a significant equity stake in the company, with Antonio Percassi remaining as president of KIKO and Simone Dominici continuing as the company's CEO.
Earlier, KIKO was valued at around 1.4 billion euros (about Rs 10.85 billion), according to Italian media outlet IL Sole 24 Ore, citing sources familiar with the matter.
Public information shows that KIKO was founded by Antonio and Stefano Percassi in 1997, headquartered in Bergamo, Italy. the brand's products cover the eyes, face, lips, make-up tools and body care, etc., the price of 6 to 22 pounds.
By combining quality and creativity rooted in Italian tradition, KIKO has gained a large and loyal following by utilizing a wide range of color palettes and textures to satisfy the needs of a diverse clientele with high-performance products. Since its founding, KIKO has established an extensive retail network and an efficient e-commerce platform with more than 1,100 stores in 66 countries across Europe, Asia and the Middle East.
L Catterton is the world's largest consumer goods private equity fund under the French luxury goods group LVMH, founded in 1989, with a management scale of more than $35 billion, including private equity, credit and real estate and other asset classes.L Catterton has 17 offices around the world, with more than 200 investment and operational professionals.
Currently, L Catterton has invested in more than 275 iconic consumer brands globally, including more than 30 global investments in ultra-beauty brands, including Italian natural skincare brand Irene Forte Skincare, China's newest primer brand blankme half a cent, children's skincare brand Turtle Daddy, and recombinant collagen company Tranquil Healthcare, to name a few.
Antonio Percassi, President of KIKO, said, “In the late 1990s, we created a brand that has evolved into an international icon, cherished by generations of customers and experienced exponential growth. We are excited to enter into a partnership with L Catterton, who will utilize their extensive expertise in cosmetics as well as their global network of business opportunities and talent to accelerate KIKO's global expansion.”
“KIKO's scale of growth, brand strength, affordable price point and unique product selection combine to give the company a unique brand positioning in the international marketplace,” added Arabella Caporello, Partner at L Catterton European Funds, “and we have extensive experience scaling up against leading brands in Europe and we look forward to working with CEO Simone Dominici and his team to unlock the company's tremendous growth potential.”
It is worth noting that this is not the first time that KIKO has been sold.In 2018, in order to alleviate the debt crisis, KIKO's parent company, KIKO S.p.A, sold 33% of its shares to Peninsula Capital, a UK-based private equity fund.At the same time, KIKO embarked on a series of reforms and transformations, such as its presence on Amazon (Amazon), Tmall International, Nykaa, Myntra and Trendyol, among a range of international e-commerce platforms.
By 2022, the Percassi family had regained full ownership of KIKO by buying back its 38% stake in the company from Peninsula Capital. In the same year, KIKO's revenues hit a new high, growing 42% to €671 million ($5.2 billion); EBITDA tripled to €75 million ($580 million), up 30% from pre-epidemic levels.
In 2018, KIKO entered the Chinese market and entered into a partnership with Water Sheep Co, the parent company of Royal Clay, with Water Sheep International in charge of the agency business.In China, KIKO will enhance its digital business and experiment with new retailing technologies, such as virtual makeup trial, to provide Chinese consumers with a better shopping experience and customized products, according to KIKO's then-CEO, Cristina Scocchia. It is estimated to realize 50 million euros in revenue in the Chinese market in the next three years.
Currently, KIKO has been stationed on Taobao, Jittery, WeChat Mall, Jingdong and Xiaohongshu, etc. KIKO's Tmall Flagship Store, Jittery Official Flagship Store, Xiaohongshu Brand Flagship Store, and Jingdong Self-supporting Official Flagship Store have 616,000, 585,000, 267,000, and 89,000 fans, respectively. Among them, the highest-selling and most popular among Chinese consumers are KIKO's sunscreen powder and KIKO double-ended lip glaze, with sales of the two products reaching 200,000+ and 100,000+ in the Jieyin flagship store and Tmall flagship store, respectively.
● KIKO双头唇釉
The latest financial data show that KIKO's net income in 2023 will be about 800 million euros (about 6.2 billion yuan), a year-on-year growth of nearly 20%. Obviously, the KIKO brand is a high-quality target for LVMH, and KIKO will be further developed with LVMH's support.
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