Kiko Milano enters Uruguay with €8.55M investment

Kiko Milano has entered Uruguay, committing €8.55 million (US$9.97 million) to open eight brick-and-mortar stores over five years. If the stores perform as projected, the South American expansion could extend to Argentina.

Partnering with Grupo Antelo, an Argentinian corporate holding company, the Italian cosmetics brand will launch the first of eight stores in October, in the Uruguayan capital, Montevideo.

In the first year, three more stores — in Car One Punta del Este, Car One Canelones, and Punta Carretas — will open. The brand will also launch an e-commerce channel in the country.

Kiko Milano’s regional rights are currently held by Grupo Antelo and are limited to Uruguay. However, the group maintains the potential of expanding into Argentina’s neighboring market. The expansion also diversifies Grupo Antelo’s European portfolio, which presently manages brands like Decathlon, Kiabi, and Jysk in Uruguay.

Kiko Milano Uruguay will be led by Sofía Torrendell as general manager. She is joining the venture following almost two decades at L’Oréal. 

Kiko Milano boasts an existing network of 1,300 stores across 72 countries.

Strategizing expansion

The brick-and-mortar stores will be positioned in a mid-price segment, between L’Oréal and Maybelline, Forbes Uruguay reports. According to the news outlet, Torrendell says that Uruguay presents a gap in a strong commercial presence in this price range.

“The stores are identical to those you see in Italy, Spain, or any of the other countries where the brand is present. Virtually everything is brought from Italy to assemble them, and they are replicated almost exactly,” she says.

The Uruguayan store is said to follow a layout format that is only used in Kiko Milano’s flagship store in Rome, Italy. According to Forbes Uruguay, Torrendell attributes this to Uruguay’s later entry into the brand’s international network.

The stores are planned to be between 60 and 70 square meters, with the exception of a store in Canelones, as it will accommodate an in-store makeup experience.

Kiko Milano is also reportedly looking to expand its presence in Peru. Peru Retail says that the brand’s first store in the country will open in Lima in the final quarter of 2026.