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1min.AI Is Your Creative Sidekick and It's On Sale Now

Coty sells its stake in Kim Kardashian's beauty brand to SKIMS

Coty, which acquired a stake in Kardashian's beauty business, SKKN, in 2021, said it would use the proceeds from the sale to reduce debt and invest in innovations across its broader brand portfolio. Last month,
Coty Inc. has divested its 20% stake in Kim Kardashian's beauty brand, SKKN BY KIM, back to Kim Kardashian's company, SKIMS, for $280 million. This transaction, which was part of a broader strategic review by Coty, reflects the company's focus on enhancing its portfolio and optimizing its brand investments. The deal not only signifies a shift in Coty's investment strategy but also underscores the growing value and independence of SKIMS, which has been expanding its footprint in the fashion and beauty industry. The sale was completed at a multiple of 6.5 times the brand's revenue, indicating strong market confidence in SKIMS' future growth potential.

Read the Full Reuters Article at:
[ https://www.msn.com/en-ca/fashion-and-style/fashion-trends/coty-sells-its-stake-in-kim-kardashian-s-beauty-brand-to-skims/ar-AA1BpQCs ]