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31 Aug

Coty’s Stock Holds Regular Amid Reports Kylie Jenner Wants

Coty’s Stock Holds Regular Amid Reports Kylie Jenner Wants

Investors appeared unmoved by news that Kylie Jenner is reportedly following in her sister’s footsteps and looking out to purchase back her beauty business from Coty.

The wonder company’s stock was up 0.9 percent at $11.66 in midmorning trading Thursday after Bloomberg reported that the truth star turned beauty mogul was trying to buy back the 51 percent stake of Kylie Cosmetics that Coty Inc. paid $600 million for in 2020 amid reported frustration over the way it has managed the brand.

Representatives for Coty and Jenner didn’t immediately reply to requests for comment.

The news comes just weeks after it was reported that Kim Kardashian was also in talks to regain total ownership of her beauty business from Coty.

Coty acquired a 20 percent stake in Kardashian’s beauty business, then called KKW Beauty, for $200 million in 2021, implying that the brand was valued at $1 billion on the time. 

During an interview with WWD last week, Coty’s chief executive officer Sue Nabi said she didn’t comment on speculation amid the Kardashian press reports. 

She did note, though, that the pricey direct-to-consumer skincare line, called Skkn by Kim, continues to perform well, while Kylie Cosmetics is growing by double digits.

Coty, which is developing a makeup line with Marc Jacobs, reported net revenue of $1.4 billion in its fourth quarter ended June 30, up 16 percent year-over-year. The prestige segment led throughout the quarter, with each reported and like-for-like sales growth of 21 percent versus the prior 12 months.

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