Italian beauty brand Kiko Milano has agreed to sell a majority stake of the company to investment firm L Catterton.

Antonio and Stefano Percassi founded Kiko Milano in 1997 and propelled it to becoming one of the world’s largest privately-owned color cosmetics brands.

Currently, Kiko Milano has more than 1100 stores in 66 countries and an e-commerce platform.

The parties did not disclose the terms of the transaction but clarified that Kiko Milano will retain a “significant” stake in the business.

“Kiko’s unrivaled scale, first-to-market advantage, and ability to provide unmatched product offerings at accessible prices uniquely positions the company for global success,” said Arabella Caporello, a partner in L Catterton’s Europe Fund.

“We have significant experience scaling leading brands in Europe, and we look forward to working alongside CEO Simone Dominici and his team to capture the company’s incredible potential.”

L Catterton has invested in more than 30 beauty brands worldwide, including Intercos, Elemis, Etvos, Maria Nilla, and Oddity.

Last year, Kiko Milano boasted a net revenue of €800 million (US$857.9 million), up by almost 20 per cent.