Italian Beauty Brand Kiko Milano Reported 42% Net Revenue Growth in 2022
- Chaileedo Press
- Apr 7, 2023
- 2 min read
Italian beauty brand Kiko Milano delivered a remarkable performance in 2022 with an increased by 42% to €671 million ($732.55 million) in net revenue. The company aims to achieve net revenues of € 1.250 billion ($ 1.365 billion) by the end of 2027.
Kiko Milano, the Italian beauty brand, reported a 42% increase in net revenue to 671 million euros in 2022 compared to 2021, and a 14% increase compared to 2019. All business segments and geographic area have made contribution to the company’s outperformance.
The CEO of Kiko Milano, Simone Dominici, credited the transformation from a regional makeup store chain to a global beauty brand in over 60 countries for the strong performance. "Kiko Milano's 2022 results were the best ever, beating all records of the main economic-financial indicators prior to the pandemic, thanks to the transformation from a chain of mainly regional make-up stores to a global beauty brand present in more than 60 countries.” Simone Dominici said.
The American market saw the highest growth of 55%, with Brazil doubling sales, and the United States returning to double-digit growth due to e-commerce. Europe grew by 46%, the UK experienced the highest growth of 60%, and Asia and the Middle East saw increases of 21% and 90%, respectively.
Kiko Milano experienced a 46% growth in Europe, driven by France (up 58%), Spain (up 50%), and Italy (up 40%), while the United Kingdom had the largest growth of 60%. Despite challenges in China, Asia saw a 21% increase, and the Middle East experienced a 90% increase. Kiko Milano successfully entered new markets such as Thailand and the Philippines. In addition, the company expanded its presence in Africa by entering Egypt and Morocco, with results that exceeded expectations.
Simone Dominici stated that Kiko Milano plans to open 120 more stores by the end of 2023, increasing its total number of stores to over 1,100 in 75 countries. In the second half of the year, the company will introduce a new unified commerce platform to improve customer service and enhance customer experience and drive growth.
Moreover, Kiko Milano's development plan includes reaching 2,000 stores by the end of 2027, expanding into new markets and strengthening its presence in Asia, Latin America, and Africa. The company aims to achieve net revenues of € 1.250 billion ($ 1.365 billion) by the end of 2027 through this expansion plan.
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