Kim Kardashian in talks to buy back beauty firm stake from Coty – WSJ
FILE PHOTO: Kim Kardashian poses on the red carpet as she arrives for the Time Magazine 100 gala celebrating their list of the 100 Most Influential People in the world in New York City, New York, U.S., April 26, 2023. REUTERS/Andrew Kelly/File Photo
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(Reuters) -Kim Kardashian is in talks with Coty (NYSE:COTY) to buy back a minority stake in her beauty firm from the fragrance and cosmetics company, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The value of the stake hadn’t been determined and talks could fall apart, the report said, adding that Kardashian wanted to buy it back as part of an effort to expand SKKN’s beauty categories.
Coty bought a 20% stake in the reality TV star’s makeup brand SKKN BY KIM in June 2020, valuing it at $1 billion.
Shares of the Hugo Boss perfume maker were up 4% in after hours trading.
Coty did not immediately respond to a Reuters request for comment.
