Cosmetics company KIKO Milano has released the following statement:

"KIKO wants to clarify what has been published in relation to the procedure the company is undergoing in the United States. It is about a procedure aimed at the partial continuation of the business, and that includes the payment of all company creditors and the closure of 25 out of 30 stores within the next three months. This procedure is part of KIKO’s global reorganization plan, with the purpose of strengthening the brand iconicity worldwide, through a number of measures included in the company’s new three-year business plan. Among these measures: a redefinition of KIKO’s geographic footprint; an increase in the number of stores in those countries where the cosmetic industry is experiencing high rates of development (India, Asia and Middle East); a strengthening of e-commerce; a focus on product innovation."