Coty Divests Stake in SKKN by Kim
Stake acquired by SKIMS for next chapter of brand journey
Coty to use proceeds to progress deleveraging strategy and invest in wider brand portfolio innovations
NEW YORK–(BUSINESS WIRE)–
Coty Inc. (Coty Inc. (NYSE: COTY) (Paris: COTY) (“Coty” or “the Company”) today announced the conclusion of its partnership with Kim Kardashian and the SKKN by Kim (“SKKN”) brand, with the closing of the sale of its 20% stake in the brand to SKIMS. Following the transaction, SKIMS will be uniting the beauty and lifestyle ventures under one brand.
Anna von Bayern, CEO of Kylie Cosmetics and leader of Kim Kardashian’s beauty business at Coty, says: “Since Coty’s establishment over 120 years ago, we have remained at the forefront of consumer innovation. We are the go-to partner for global brands, fashion houses, and celebrities looking to create leading beauty products. I would like to thank Kim for the partnership and look forward to continuing our work on our hugely successful Kylie Cosmetics brand, which we have grown by 1.5x in the last two years and where we own the majority, as well as hold the perpetual license.”
Coty first announced the investment in Kim Kardashian’s beauty business in 2020 and completed the transaction in 2021. Coty has highly attractive prestige and mass beauty brands across fragrance, color cosmetics, skin and body care and regularly evaluates the potential of each part of its diverse and innovative portfolio. The company’s best-in-class R&D, global manufacturing and distribution footprint allows Coty and its partners to capture consumer demand across price points, channels, categories and markets.
About Coty Inc.
Founded in Paris in 1904, Coty is one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. We serve consumers around the world, selling prestige and mass market products in more than 120 countries and territories. Coty and our brands empower people to express themselves freely, creating their own visions of beauty; and we are committed to protecting the planet. Learn more at coty.com or on LinkedIn and Instagram.
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INDUSTRY KEYWORDS: Online Retail Fashion Luxury Cosmetics Retail
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