Kim Kardashian in Talks to Buy Back Stake in Beauty Business From Coty
Reality star and entrepreneur had previously sold a 20% position in SKKN at $1 billion valuation Kim Kardashian wants to buy back Coty’s stake as part of an effort to expand SKKN’s beauty categories. Photo: angela weiss/Agence France-Presse/Getty Images By Laura Cooper and Ben Dummett July 11, 2023 4:36 pm ET Kim Kardashian is in talks to buy back the minority stake of her beauty company she had sold to beauty and fragrance seller Coty, according to people familiar with the matter. The sale price hasn’t been determined and talks could still break down before a final deal is reached for the stake in SKKN by Kim, the people said. The business, previously known as KKW Holdings, was valued at $1 billion when C
Kim Kardashian wants to buy back Coty’s stake as part of an effort to expand SKKN’s beauty categories.
Photo: angela weiss/Agence France-Presse/Getty Images
Kim Kardashian is in talks to buy back the minority stake of her beauty company she had sold to beauty and fragrance seller Coty, according to people familiar with the matter.
The sale price hasn’t been determined and talks could still break down before a final deal is reached for the stake in SKKN by Kim, the people said. The business, previously known as KKW Holdings, was valued at $1 billion when Coty acquired a 20% stake three years ago.
SKKN offers cleansers, toner and eye cream as part of a collection of nine skin-care products Kardashian sells online. Prices range from about $43 for a cleanser to around $95 for oil drops. Kardashian launched the product line last year with Coty, which counts Lancaster, Orveda and Vera Wang among its fragrance and skin-care brands.
Kim Kardashian has expanded her business empire in recent years.
Photo: Gabby Jones/Bloomberg News
Coty, based in New York, announced in May plans for a new ultra-premium skin-care product and scent brand known as Orveda Omnipotent Concentrate Sérum and Infiniment Coty Paris.
Kardashian wants to buy back Coty’s stake as part of an effort to expand SKKN’s beauty categories, the people said.
The reality star and entrepreneur, who is known to many through appearances on her family’s shows, “The Kardashians” and its predecessor, “Keeping Up With the Kardashians,” has expanded her business empire in recent years. Her undergarment and apparel business, Skims, was valued at $3.2 billion last year.
Last summer, she started SKKY Partners alongside longtime Carlyle partner Jay Sammons. The firm, which is raising its first fund, is focused on investing in and building consumer and media businesses.
Since its launch, SKKY has hired talent from private-equity firms such as Permira, Blackstone and L Catterton. The firm has yet to make its first investment.
Kim isn’t the only Kardashian to join with Coty. In 2019, Coty paid $600 million for a controlling stake in Kylie Jenner’s Kylie Cosmetics business. Jenner, who is Kardashian’s half-sister, had started her cosmetics line in 2015 with the launch of Kylie Lip Kits.
Write to Laura Cooper at [email protected] and Ben Dummett at [email protected]
What's Your Reaction?
