The Percassi family has bought the 38% stake in Italy's KIKO held by UK private equity fund Peninsula Capital, regaining full ownership of the cosmetics group it had founded in 1997, it said in a statement on Tuesday.

The closing of the operation is expected by the end of this year, it added, without disclosing any financial details.

Peninsula bought a stake in KIKO back in 2018 to help fund the brand's international growth and boost profitability.

Popular due to its cheap but trendy make-up products, KIKO is present in 52 countries with sales of around 750 million euros ($738.53 million).