MILAN, July 26 (Reuters) - UK private equity fund Peninsula bought a 33 percent stake in Italy’s Kiko, investing a total of 80 million euros in the make-up brand, a statement by the owning family said on Thursday.
In March Chief Executive Cristina Scocchia told Reuters the family-owned company was in talks to bring in a minority investor to help fund growth in India, the Middle East and Asia and lift profitability.
Peninsula will acquire the stake in Kiko - founded in 1997 and with 950 stores worldwide - through a reserved capital increase, the statement by the Percassi family said.
“Peninsula’s investment will be functional to the achievement of the growth objectives... outlined in the 2018-2020 business plan,” the statement added.
Rothschild acted as financial advisor to Kiko. (Reporting by Giulia Segreti; editing by Francesca Landini)