Shares of beauty products provider Coty (NYSE:COTY) are in focus today on a Wall Street Journal report that Kim Kardashian is looking to buy back a 20% stake in SKKN by Kim from the company.
Kardashian had sold the stake at a $1 billion valuation in SKKN by Kim (Previously known as KKW Holdings) about three years ago. According to the report, a final price is yet to be arrived at and discussions may still break down before a final deal is chalked out.
Kardashian is aiming to expand beauty categories under SKKN and is not the only Kardashian associated with Coty. Previously, Coty had also snapped up a controlling stake in Kylie Jenner’s Cosmetics outfit for $600 million.
Coty shares have soared 73.7% over the past year and the company has recently upped its fiscal 2023 outlook amid buoyant demand for its Prestige brands and a sales recovery in China.
Overall, the Street has a $13.44 consensus price target on Coty alongside a Moderate Buy consensus rating.
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