Coty stock rises as WSJ says Kim Kardashian in talks to buy back stake

Celebrity and entrepreneur Kim Kardashian is in talks to buy back the minority stake in the beauty company she previously sold to Coty (NYSE:), according to WSJ.

Two sides are discussing the deal concerning Coty’s SKKN BY KIM brand, which was valued at $1 billion when the French-American beauty company acquired a 20% stake in 2020. Coty previously spent $600M for a controlling stake in Kylie Jenner’s Kylie Cosmetics business.

Kim Kardashian and Coty have continued to collaborate in the meantime and launched the new product line last year. Kardashian wants to expand SKKN’s beauty categories, the WSJ report added.

Her other business, Skims, was valued at over $3B in 2022. Kardashian teamed up with Carlyle partner Jay Sammons to form SKKY Partners, which is focused on investing in and building consumer and media businesses.

Coty shares rose 3% in pre-market Wednesday.