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Coty Inc. (NYSE:COTY), the parent company of CoverGirl, announced it is selling its 20% stake in Kim Kardashian’s beauty brand SKKN to her shapewear company, SKIMS. The move consolidates Kardashian’s beauty and fashion ventures under a single brand as she seeks to expand SKKN’s product range.
Coty originally acquired the minority stake in SKKN in 2021, betting on the star power of the reality TV icon to drive sales. However, amid rising inflation and cautious consumer spending, the New York-based beauty giant has struggled to maintain growth. Last month, Coty slashed its annual profit forecast and reported an unexpected revenue decline, largely due to weak sales in Asia’s travel retail sector—an issue also faced by rival Estee Lauder (NYSE:EL).
The company stated that proceeds from the stake sale would be used to reduce debt and fuel innovation across its global brand portfolio. Coty did not disclose the sale price and has yet to respond to media inquiries.
Anna von Bayern, who oversees both Kylie Cosmetics and Kim Kardashian’s beauty business at Coty, confirmed the company will continue to work with Kylie Jenner’s brand despite the divestiture. Kardashian was reportedly in talks to repurchase her stake as early as 2023, aiming to expand SKKN into new beauty categories under the SKIMS umbrella.
The strategic realignment signals Kardashian’s intent to grow her beauty empire independently, while Coty refocuses its resources amid shifting consumer behaviors and challenging market conditions.
This latest move reflects a growing trend among celebrities reclaiming control of their beauty brands to align them with broader lifestyle ventures.
