Coty Sells Stake in SKKN to SKIMS

Coty Inc. has sold its 20% stake in Kim Kardashian’s beauty brand, SKKN, to her clothing line SKIMS, consolidating the beauty and lifestyle ventures under one brand. This move is part of Coty's strategy to streamline its portfolio, reduce debt, and invest in innovation, amidst challenges like inflation and weak market performance in Asia. The sale proceeds will support Coty's deleveraging plan, with a continued focus on the successful Kylie Cosmetics brand. Coty initially invested in SKKN in 2021 and benefited from its partnership with Kim Kardashian. The acquisition allows SKIMS to expand into the beauty, skincare, and fragrance categories by 2026. Kim Kardashian and Jens Grede, CEO of SKIMS, emphasize the strategic importance of unifying these ventures under the SKIMS brand to enhance brand strength and authority in new categories.