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 percent increase versus the prior year, it said in the statement.

L Catterton, the private equity arm of LVMH’s founder Bernard Arnault, has invested in over thirty beauty brands globally, including Intercos, Elemis, ETVOS, Maria Nila, and Oddity.

By Alberto Brambilla

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