Private equity firm Peninsula Capital Partners LLC is set to acquire a 33% stake in Kiko Milano, pending Spain's antitrust approval, Women's Wear Daily reported July 26, citing a statement from the Italian beauty company's owner, Gruppo Percassi SpA.

Peninsula reportedly invested €80 million in Kiko to support the latter's 2018-2020 business plan, which calls for capital investments amounting to €90 million.

The plan includes the expansion of Kiko's geographical footprint in Asia, India and the Middle East, as well as the modernization of its IT systems, supply chain and e-commerce platform, according to the report. Kiko reportedly has 950 direct stores in 21 countries, including its largest flagship store in Milan.

The report said Kiko recorded €610 million in turnover in 2017, up 3% year over year.