(Bloomberg) — Coty Inc. is ending its relationship with Kim Kardashian’s beauty business and selling its stake in the brand to the reality TV star’s underwear label Skims, the company announced on Friday.
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Coty, which owns cosmetics brands such as CoverGirl, had acquired a 20% stake in SKKN by Kim for $200 million in 2021. Financial terms of the sale weren’t disclosed.
Coty will continue to work with Kardashian’s half-sister Kylie Jenner’s brand, Kylie Cosmetics, in which it owns a majority stake.
At close: March 21 at 4:00:03 PM EDT
Kardashian will bring her beauty brand under her Skims umbrella. The company recently announced a partnership with Nike Inc. and was most recently valued at $4 billion in a 2023 funding round.
In 2023, both Kardashian and Jenner had expressed frustration with the way Coty had managed their brands and held informal talks to take back ownership of their beauty lines, Bloomberg News previously reported.
“I would like to thank Kim for the partnership and look forward to continuing our work on our hugely successful Kylie Cosmetics brand,” Kylie Cosmetics Chief Executive Officer Anna von Bayern, who also led Kardashian’s business at Coty, said in a statement.
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