Kiko Milano’s CEO Cristina Scocchia has quit the business to take up a position in a new field.
Effective 31 December, the beauty veteran, who has held senior positions at L’Oréal and P&G, will move away from the industry to try her hand in the coffee sector.
Starting 1 January, she joins Italian coffee specialist Illy as Chief Executive, where she has already served as a member of the board, according to WWD.
During her four years with the Italian beauty brand, Scocchia has seen the brand go through some considerable challenges.
Just a year after Scocchia’s arrival, Kiko’s US arm filed for Chapter 11 bankruptcy, due to low sales and an inability to cover the costs of its retail destinations.
Six months after closing its 29 outlets across the US and Puerto Rico, the brand sold a 33% stake to Peninsula Capital for €80m, which was used to push its growth strategies outlined from 2018-2020.
Kiko Milano, however, has seen significant bounceback since the effects of the pandemic took hold in 2020.
For the first nine months of 2021, sales were up 40% compared with 2020’s results, while its third quarter takings increased some 60% on the previous year.
“I am proud of the objectives achieved and I thank my team for this, without which it would not have been possible to reach these ambitious goals,” Scocchia said in a statement.
“We are grateful to Cristina Scocchia for the important work she has done,” adds Antonie Percassi, President of Kiko Milano’s parent.
“It has ensured the relaunch of Kiko, leading it to grow and expand from 23 to 46 countries around the world, thus confirming its role as a recognised key player in the global cosmetics market.”
Her successor is yet to be announced.