WASHINGTON (dpa-AFX) - Coty Inc. (COTY) has ended its partnership with Kim Kardashian's beauty business, 'the SKKN by Kim', and agreed to sell its 20% stake in the brand to SKIMS. With this move, SKIMS plans to consolidate its beauty and lifestyle ventures under a unified brand.
Coty said it plans to use proceeds from the divestment to progress deleveraging strategy and invest in wider brand portfolio innovations.
Coty first announced the investment in Kim Kardashian's beauty business in 2020 and completed the transaction in 2021.
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