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KIKO Milano to nearly double India stores to 19 by end-2026, eyes top 3-5 global market in five years
KIKO Milano has 10 exclusive outlets in India, a market it entered with Reliance Retail less than 18 months ago and which is still outside its top 10. Online contributes more than 40 per cent of its India sales.
Store and format facts
Figures from ET Retail,
| Expected India online share as offline scales: | 30-40 per cent |
|---|
What it means for the format
KIKO Milano plans to take its India exclusive stores from 10 to 19 by end-2026, and online already drives more than 40% of its India sales versus around 14-15% globally, so rival beauty brands should expect more competition for mall space and shoppers as the brand shifts toward offline.
Next on the rollout
- Announcements of new KIKO store openings in India during 2026, and whether the count tracks toward 19 by year-end
- Management commentary on online share of India sales falling from above 40% toward 30-40%
- A revised store target or a new-city entry above the 19-store plan
- Rival beauty brands announcing competing launches or openings in the same malls
- KIKO's next global revenue update against the $1 billion reported for 2025
The counter-case
The case against this reading — not reported by the source.
This is a plan, not a result. Going from 10 to 19 exclusive stores by end-2026 is a target from management, with no stated pace, city list, capex or franchise commitment. Doubling a very small base adds only nine outlets, which is modest for a market that KIKO says it wants to be among its top 3-5 globally within five years. The 'top 3-5 market' goal is aspirational and gives no revenue, store-productivity or timeline milestones. The online mix is a warning sign. India's online share of more than 40% against about 14-15% globally suggests the brand has little physical presence and relies on digital channels. The expected easing to 30-40% online could come from offline growth, but it could also come from slower online growth. Either way, it is unclear whether stores will be profitable or will mainly cannibalise online sales. The $1 billion global revenue figure is for the whole group, so it says nothing about India's scale or profitability. Mass-premium beauty in India is crowded and price-sensitive. Rents for mall-based exclusive stores are high, and there is a real risk that expansion outpaces demand.