Intercos SpA Eyes U.S. Expansion with Strategic Acquisition Plans
Published: September 24, 2025
In a significant move to bolster its presence in the U.S. beauty market, Italian cosmetics manufacturer Intercos SpA is actively pursuing at least one acquisition in the skin and hair care sector. This initiative aims to enhance the company’s capabilities in the world’s largest beauty market, as confirmed by CEO Renato Semerari in a recent interview.
Targeting the U.S. Beauty Market
Intercos, a key supplier for renowned brands such as Estée Lauder and Dolce & Gabbana, is setting its sights on generating revenue between $100 million and $200 million through this expansion. Semerari has identified a potential acquisition target and hinted at additional candidates, although he refrained from disclosing specific details about these companies.
“We are proactively trying to buy a company in the skin and hair care sector in the U.S.,” Semerari stated. “There is a gap in our industrial footprint in that segment.” This strategic move underscores Intercos’s commitment to filling a crucial void in its product offerings, particularly in a market where consumer preferences are rapidly evolving.
Current Operations and Market Position
Despite having two makeup manufacturing plants in the U.S., Intercos currently lacks the necessary infrastructure to compete effectively in the skin and hair care segments. Semerari emphasized that the largest beauty brands and emerging trendsetters predominantly originate from the U.S., making this acquisition a vital step for Intercos to enhance its competitive edge.
While due diligence for the potential acquisition has yet to commence, Semerari indicated that a deal is unlikely to materialize before the end of the year. This cautious approach reflects the complexities involved in mergers and acquisitions, particularly in a market as dynamic as beauty.
A Legacy of Innovation
Founded in 1972 by Dario Ferrari, who remains the chairman at 82 years old, Intercos has a rich history in the beauty industry. Ferrari, who holds approximately 32% of the company, pioneered a new business model that has become a benchmark in the sector. His mother’s background as a chemist in skincare inspired him to invest heavily in research and development, leading to innovative product offerings.
One of Ferrari’s most notable achievements was forming a strategic partnership with Estée Lauder. Semerari recounted how a cosmetic powder developed by Ferrari’s team caught the attention of Leonard Lauder, prompting a joint venture that would significantly elevate Intercos’s profile in the industry.
Navigating Tariff Challenges
The U.S. beauty market, as reported by the Cosmetic, Toiletry & Perfumery Association, is the largest globally, presenting both opportunities and challenges. Rising tariffs have become a concern for many companies; however, Intercos has managed to mitigate these impacts. Semerari explained that the company has shielded its clients from increased duties by strategically relocating production across various plants in South Korea, Italy, and the U.S.
In August, Intercos projected a more tempered revenue growth for the year, revising its forecast from an earlier estimate of 5% to 7% growth at constant exchange rates. The company reported first-half sales of €525 million, reflecting a 5% increase from the previous year, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 17% to €75 million.
Future Outlook Amid Economic Uncertainty
Looking ahead, analysts predict that Intercos will generate an adjusted EBITDA of €154.9 million for the full year, based on average estimates. Semerari expressed confidence in meeting these projections, despite the prevailing softness in the industry. “Consumers are worried about inflation and global uncertainty,” he noted. “In such phases, consumers tend to reduce discretionary spending.”
This cautious sentiment is echoed across the beauty industry, where brands are grappling with shifting consumer behaviors in response to economic pressures. As companies navigate these challenges, the ability to adapt and innovate will be crucial for maintaining market share.
Conclusion
Intercos SpA’s strategic acquisition plans reflect a broader trend in the beauty industry, where companies are increasingly looking to expand their portfolios to meet evolving consumer demands. By targeting the U.S. market, Intercos aims to solidify its position as a key player in the global beauty landscape. As the company moves forward, its commitment to innovation and strategic partnerships will be essential in overcoming the challenges posed by economic uncertainty and competitive pressures.
