Kiko Milano to close a quarter of its UK stores
Italian beauty brand Kiko Milano is seeking to close 12 of its 48 stores in the UK, including its shop at Bluewater shopping centre.
The decision will reduce the number of Kiko stores in the country by 25%, and follows the closure of three further stores, including one in Romford, over the last few months, reported Property Week.
The Italian cosmetics company, specialised in professional makeup and skincare products, has been undergoing a reorganisation that has included the closure of most of its US store base earlier this year.
The brand filed for bankruptcy in the US in January as a result of weak sales, a decline in store traffic and challenges from online shopping. The reorganisation has seen the business redefine its geographic priorities, and is said to be looking for a minority investor to help fund growth in India, Asia and the Middle East, where the cosmetics industry is experiencing high rates of development.
This is all part of a three-year plan that will also include an investment of 90 million euros in product innovation, marketing and digital capabilities.
The group has more than 1,000 directly-operated stores in 21 countries, and most of its revenue comes from outside Italy.
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