(Reuters) – Copyl Coty’s parent said on Friday that he would sell his 20% stake in a reality star Kim Kardashian’s Beauty Brand on his clothing line, skims, combining two companies under one Mark.
Coty, who gained a share of Kardashian’s Beauty Business, SKKN, 2021, said he would use the sales revenue to reduce debt and invest in innovation in his wider portfolio of the brand.
The New York -based lipstick manufacturer struggled to raise sales because of the muffled consumption from consumers who are aware of the costs in the midst of growing inflation troubles.
Last month, Coty reduced his annual profit forecast and recorded a sudden decline in a quarterly revenue, joining his larger peer Estee Lauder in achieving sales from weakness in retail business in Asia.
Anna von Bayern, CEO of Kylie Cosmetics and Cosmetic Business Leader Kim Kardashian, also said the company would continue to work with Kylie Cosmetics brand.
In 2023, Kim Kardashian was told to talk to Coty to buy a minority share at her beauty company as part of the effort to expand the beauty category.
Coty did not provide the purchase price and did not immediately respond to Reuters’ comment request.
(Reporting Anuja Bharat Mistry in Bengalur; Mounting Vijay Kishore)
