Kiko Milano to conquer new markets
Last spring, Kiko Milano quietly entered the American market. The Italian beauty brand has now opened its first store in a mall in Paramus, New Jersey, according to newspaper Corriere Della Sera.
Today, the beauty and cosmetics specialist has four stores in the country and is developing much larger plans.
Founded in 1997 by the Italian real estate and franchise company Percassi, which formed a joint venture with Inditex to introduce Zara into Italy at the beginning of the 2000s, Kiko Milano was initially a cosmetics brand before becoming a retailer as well.
It currently has more than 600 stores (the brand expects 656 stores by the end of the year) in Italy, Germany, Portugal, Spain, Austria, Switzerland and now the United States. In France, where it arrived in 2010, the company has 94 stores.
Its development has been as discreet as it has been quick, which is worrying other beauty product retailers. This is because, besides its strength as a retailer, Kiko offers its own cosmetics and beauty care products (produced in Italy or in Europe, according to the company) at low prices. Kiko’s agressive position is in direct competition with select perfume retailers, hitting them right where they generate their highest margins: their own brands.
According to the Corriere Della Sera, Kiko Milano, which opened 70 points of sale in 2014, is preparing its IPO.
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