While a successor at the Italian cosmetics brand has not been named, Scocchia plans to undertake a new professional challenge outside the beauty industry. Starting Jan. 1, she will become CEO of Italian coffee specialist Illycaffè, where she already served as a member of the board of administrators.
Scocchia joined Kiko in 2017 succeeding Stefano Percassi, the entrepreneur who cofounded the affordable beauty label in 1997 as a single corner in the storied and hip Fiorucci flagship in Milan.
Since Scocchia’s arrival, Kiko has undergone significant changes: The American arm of the brand filed for bankruptcy at the beginning of 2018, closing nearly all of its 29 retail locations in the U.S.; the firm sold a 33 percent stake to private equity fund Peninsula Capital, and Kiko inked a range of partnerships with international e-commerce platforms including Amazon, Tmall Global, Nykaa, Myntra and Trendyol as well as introducing franchising deals.
Scocchia helmed the firm’s relaunch plan focusing on three key drivers, including the redefinition of its geographic footprint, with strong investments eastward in markets in Asia, India and the Middle East; the modernization of IT systems and the supply chain, and the enhancement of the e-commerce platform.
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In 2020 the company’s sales dropped 37 percent to 368 million euros compared to the previous year. In the first nine months of 2021, sales grew 40 percent compared to last year. In particular, in the third quarter sales were up 60 percent compared to the same period in 2020 and 18 percent compared to the third quarter of 2019. The brand has more than 950 stores and is available in 46 markets.
“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,” said Scocchia in a statement Monday.
“We are grateful to Cristina Scocchia for the important work she has done. 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 recognized key player in the global cosmetics market,” added Antonio Percassi, president of Kiko SpA, parent company of Kiko Milano as well as beauty labels Womo and Bullfrog.
A graduate of Università Bocconi in Milan, Scocchia boasts more than 20 years of experience in the beauty industry. She kicked off her career at Procter & Gamble Co., where from 1997 she held positions of increasing responsibility working on mature and emerging markets until assuming the role of cosmetics international operations division leader. Then she moved to L’Oréal Italia, where she served as CEO for four years before stepping down in April 2017 to take the helm at Kiko.
In addition to Illycaffè, the executive also serves on the board of administrators of eyewear powerhouse EssilorLuxottica.