Kim Kardashian is reportedly in talks with to buy back a minority stake in her beauty products firm SKKN By Kim, 3 years after selling the stake for $200m.
Kardashian, 42, is seeking to regain ownership of the 20% stake from fragrance and cosmetics firm Coty, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
A price for the deal hadn’t been determined, and talks could still fall apart, the report said, adding that Kardashian wanted to buy the minority stake back as part of an effort to expand SKKN’s beauty categories.
New York-based Coty bought the 20% stake in the reality TV star’s beauty brand in June 2020, valuing the company at $1bn.
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Shares of the French-American company, which owns a large stable of brands including Max Factor and CoverGirl, rose as much as 4% in after-hours trading.
Kardashian’s SKKN brand focuses on facial skin products including exfoliators, cleansers and moisturizers, with prices ranging from a $43 cleanser to $95 oil drops. Founded in Paris in 1904, Coty is one of the world’s largest beauty companies, with a large portfolio of well-known brands.
In addition to Kardashian, Coty has also partnered with Kylie Jenner, Kardashian’s half-sister. Coty in 2019 paid $600m for a controlling stake in Kylie Cosmetics, the makeup line Jenner launched in 2015.
Source: Daily Mail
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