Apr 26, 2024
LVMH-Backed L Catterton Agrees to Buy Majority Stake in Kiko
Bloomberg News
,(Bloomberg) -- Private equity fund L Catterton, which is backed by luxury giant LVMH Moet Hennessy Louis Vuitton SE, agreed to buy a majority stake in Italian beauty brand Kiko.
L Catterton has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business, according to a statement on Friday.
Kiko, founded in 1997 by Antonio and Stefano Percassi, is a global cosmetic company with a retail network of 1,100 stores in 66 countries. The firm reported a net revenue of about €800 million ($859 million) in 2023, a 20% increase versus the prior year, it said in the statement.
L Catterton, backed by LVMH and its founder Bernard Arnault’s family holding company, has invested in over 30 beauty brands globally, including Intercos, Maria Nilla, and Oddity.
--With assistance from Antonio Vanuzzo.
(Corrects to clarify that L Catterton is backed by LVMH and Arnault’s family holding in last paragraph.)
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