“Kim Kardashian is in talks with Coty about a new cosmetics line”
June 3, 2020 | 10:34am | Updated June 3, 2020 | 11:23am
The New York cosmetics giant is in talks with Kim Kardashian West to collaborate on “certain beauty products,” the company revealed in a securities filing on Tuesday.
Coty already has a 51-percent stake in Kardashian’s younger sister, Kylie Jenner’s beauty company, Kylie Cosmetics, for which it shelled out $600 million last year.
The Kylie Jenner collaboration came under scrutiny last week after Forbes magazine alleged that Jenner had been overplaying the value of her cosmetics brand and that she wasn’t a billionaire as she claimed.
Coty’s new chief executive officer said on Monday the allegations came as a “mystery” to him.
Shares of the company rose nearly 7 percent on Wednesday after the possibility of another collaboration with the family, adding to the 20-percent gains in Coty’s stock seen earlier this week, when it named chairman Peter Harf as its new CEO.
Coty, however, said there was no assurance that an agreement or collaboration would be reached and did not provide any further details.
“The Company does not intend to comment further on such a potential transaction,” it said in the filing.
West, who is known for chronicling her life with her sisters on TV’s “Keeping Up with the Kardashians”, launched her own makeup line in 2017, two years after Jenner’s successful foray into the beauty industry.
The talks come on the heels of a management shake-up this week and an investment by KKR in its hair and nail products divisions.
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