Why Coty Stock Is Trading Higher Wednesday
Coty Inc (NYSE: COTY) shares are trading higher Wednesday following reports suggesting Kim Kardashian is in talks to buy back a minority stake in SKKN from the company.
What To Know: According to a Wall Street Journal report citing people familiar with the matter, Kardashian wants to repurchase the 20% stake in SKKN BY KIM she sold to Coty last year.
The report indicates the business was valued around $1 billion when the beauty and fragrance seller acquired the minority stake. Kardashian reportedly wants to buy back Coty’s stake as she plans an expansion of SKKN’s beauty categories.
In 2019, Coty paid $600 million for a controlling stake in Kylie Jenner’s cosmetics business. Jenner is Kardashian’s half-sister.
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COTY Price Action: Coty shares were up 1.31% at $13.18 at the time of publication, according to Benzinga Pro.
Photo: Lahore Herald from Flickr.
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