Kiko Milano targets €1.25 billion net revenue by 2027
Italian beauty brand Kiko Milano has ended 2022 on a high, with a revenue of €671 million, up 42%, and EBITDA that tripled to €75 million (up 30% on pre-Covid levels). The Percassi group’s brand continues to expand at a fast clip. It is targeting a net revenue of €1.25 billion in 2027, and is set to grow its store network to 2,000 locations, entering new countries and strengthening in Asia, Latin America and Africa.
The first stage in Kiko Milano’s expansion plan involves opening another 120 stores by the end of 2023, bringing the brand's number of locations to over 1,100 in 75 countries. “In the second part of the year, we will also launch a new unified commerce platform, which will integrate all our channels and systems, further improving the way we serve our customers while at the same time boosting our efficiency and growth capacity,” said Simone Dominici, CEO of Kiko Milano.
In the last fiscal year, Kiko Milano comfortably exceeded its pre-pandemic results, thanks to across-the-board growth in all its regions and customer segments. In a press release, the brand said that this confirms the success of its new brand elevation strategy, which focuses on innovation and service and relies less on promotional initiatives, producing a double-digit yield per square metre.
Sales grew 55% in America, with Brazil doubling its revenue and the USA posting double-digit growth again, driven by the e-tail channel. Kiko Milano also made a positive start in Central America, opening in new markets like Martinique, El Salvador and Honduras. Business in Europe improved by 46%, driven by France (up 58%), Spain (up 50%), Italy (up 40%) and the UK (up 60%). Revenue in Asia grew by 21%, as the region absorbed the impact of a Covid-disrupted China thanks to growth in the Middle East and new markets like Thailand and the Philippines. Africa’s performance was positive: Kiko Milano premièred in Egypt and Morocco, and generated double the expected results.
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