Although the 4 straight lines next to each other are also difficult to read. Having a differently shaped letter in there would help readability (people may think it's spelled "ilico").
Also, "illico" seems to be quite an overloaded term if you search for it on google.
Are those I's? L's? 1's? Roman number for 3? Especially since it contains an uppercase I next to two lowercase l's and then a lowercase l.
Maybe if you left the starting I as a lowercase i at least it'd be readable...