KIKO Milano moves closer to Argentina as European beauty brand expands across Latin America

Italian cosmetics brand KIKO Milano is moving closer to entering Argentina, as Grupo One begins negotiations to add the company to a rapidly expanding portfolio of international retail brands in one of Latin America’s largest consumer markets.

The talks were confirmed by Manuel Antelo, one of the partners behind Grupo One alongside Pedro Aguirre Saravia and Sabine Mulliez. The holding already operates international brands including Decathlon and Kiabi in Argentina and is expanding its exposure to fashion, sports and consumer retail.

There is still no confirmed opening date, investment amount or store target for KIKO Milano in Argentina, meaning the project remains at the negotiation stage.

But the development represents a significant step forward from August, when EUBizNews reported that Argentina was being considered as a potential second stage following KIKO Milano’s entry into neighbouring Uruguay.

The Italian company’s Southern Cone expansion is now beginning to take clearer shape.

From Uruguay to a much larger consumer market

KIKO Milano is preparing its first stores in Uruguay through an agreement with Grupo Antelo, where the local business plan includes an investment of around €8.55 million over five years and a network of eight locations.

The first phase is centred on Montevideo, followed by additional sites including Punta del Este, Canelones and Punta Carretas, alongside the development of an e-commerce channel.

Argentina would represent a fundamentally different opportunity.

With a population and consumer base several times larger than Uruguay’s, the country offers substantially greater potential scale for an international beauty retailer. It also has an established cosmetics market, dense shopping-centre networks in its largest cities and consumers with strong exposure to European and international beauty brands.

For Grupo One, adding KIKO Milano would also expand its portfolio beyond sportswear and fashion into beauty and personal care, creating another consumer vertical within its regional retail strategy.

The group is currently carrying out a broad expansion programme in Argentina through brands including Decathlon, Kiabi and Bestseller, while additional international concepts are also being prepared for the market.

A €967 million Italian beauty business

Founded in 1997, KIKO Milano has developed from an Italian cosmetics retailer into an increasingly global beauty company built around its own-brand makeup, skincare and accessories.

The company generated €967 million in revenue in 2025, representing growth of around 8% from the previous year.

During the same period it added 132 points of sale, ending 2025 with 1,389 stores across 75 markets.

Latin America already forms part of that international footprint, with operations in Brazil, Chile and Mexico before the latest expansion into Uruguay.

Its growth strategy has accelerated following changes in ownership.

Investment firm L Catterton acquired a majority stake in KIKO Milano in 2024, taking approximately 69% of the company, while the founding Percassi family retained around 30% and management held the remainder.

The transaction valued the Italian beauty business at approximately €1.4 billion and provided additional capital and international retail expertise for its next phase of expansion.

KIKO Milano has traditionally positioned itself between mass-market cosmetics and premium beauty, combining Italian branding and product design with relatively accessible pricing.

That positioning could be particularly relevant in Latin America, where global beauty companies increasingly need to balance international brand appeal with local purchasing power.

Grupo One builds a platform for international retail

The potential KIKO Milano deal also reflects the growing role of Grupo One as an operating partner for international consumer brands entering or returning to Argentina.

The holding is led by Antelo, Aguirre Saravia and Mulliez and has become increasingly active as the Argentine retail market attracts renewed interest from foreign companies.

Its largest current expansion is Decathlon, which returned to Argentina in 2025 after more than two decades outside the market.

Grupo One is also developing French fashion chain Kiabi, while Danish fashion group Bestseller has entered the country through brands including Jack & Jones, Only and Balmohk.

Another international retailer, LC Waikiki, is expected to enter Argentina in 2027.

The strategy extends beyond Argentina.

Grupo One is preparing new Decathlon operations in Peru and Ecuador, while its agreements across South America are gradually creating a regional platform through which European retailers can expand without having to build local operating structures independently in every market.

KIKO Milano could become the beauty component of that model.

European retailers return to the Argentine market

The negotiations also fit into a broader shift taking place in Argentina’s consumer market.

International brands that historically viewed the country as difficult to operate in because of import restrictions, currency controls and macroeconomic volatility are again assessing investment opportunities.

For European retailers, Argentina combines considerable potential scale with one of the most developed shopping-centre and urban retail networks in South America.

But the opportunity still comes with execution risks.

Currency movements, consumer purchasing power, import costs and the ability to maintain international product assortments at competitive local prices remain critical factors for companies entering the market.

That makes experienced local operating partners particularly important.

KIKO Milano’s approach in Uruguay provides an indication of how the company could enter Argentina: physical stores supported by e-commerce, a strong focus on the brand’s own products and a retail experience designed to remain consistent with its European identity.

For now, Argentina remains a project under negotiation rather than a confirmed rollout.

But the latest talks mark a clear evolution in KIKO Milano’s Latin American strategy. What began as an expansion into smaller regional markets is increasingly pointing toward a broader Southern Cone platform — with Argentina emerging as the next major prize.