COTY - Kylie Jenner is reportedly considering breaking up with Coty Inc
2023-08-31 14:27:34 ET
Kylie Jenner is reportedly interested in regaining full ownership of her cosmetics company.
Coty has a majority stake in Kylie Cosmetics
The socialite and media personality had sold 51% of Kylie Cosmetics to the New York-based Coty Inc (NYSE: COTY) for $600 million in 2020 ( read more ).
But anonymous sources told Bloomberg today that she’s had informal discussions with the multinational in recent months to repurchase the entirety of that stake. So far, Jenner and Coty have not been able to agree on price and valuation, though, they added.
The stock market news arrives only days after the beauty giant reported better-than-expected revenue for its fourth financial quarter as it continued to grow its footprint in “ultra-premium fragrance”.
Shares of Coty Inc are up more than 30% for the year at writing.
Sales at Kylie Cosmetics have been strong
In July, Coty also said that a bigger footprint at Macy’s, the launch of Kylash, and the brand’s debut in Dubai helped deliver double-digit quarterly growth in Kylie Cosmetics sales.
Still, Jenner is reportedly not satisfied with how the near $10 billion company has managed her brand. What in particular did she not like, though, remains unknown.
Neither the Instagram star nor a spokesperson for Coty Inc have so far commented on the Bloomberg report. Note that Kim Kardashian – her half-sister was also previously reported in talks to repurchase Coty’s 20% stake in SKKN by KIM.
Wall Street currently rates shares of the New York listed firm at “overweight” on average.
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