Coty, Kim Kardashian in talks for cosmetics line collaboration
Company already has a majority stake in West's half sister, Kylie Jenner's makeup and skincare line
(Reuters) - Coty Inc is in talks with reality TV star Kim Kardashian West over a potential collaboration for a beauty line, the cosmetics maker disclosed in a regulatory filing on Wednesday.
The company already has a majority stake in West's half sister, Kylie Jenner's makeup and skincare line, which it bought last year for $600 million.
The holding recently came under the scanner after Forbes magazine alleged that Jenner had been overplaying the value of her cosmetics brand.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COTY | COTY INC. | 7.19 | +0.05 | +0.70% |
Coty's new chief executive officer said on Monday the allegations came as a "mystery" to him.
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Shares of the company rose nearly 7% on Wednesday after the possibility of another collaboration with the family, adding to the 20% gains in Coty's stock seen earlier this week, when it named chairman Peter Harf as its new CEO.
Kim Kardashian West poses at the opening night of the new musical "The Cher Show" on Broadway at The Neil Simon Theatre on December 3, 2018 in New York City. (Photo by Bruce Glikas/Bruce Glikas/FilmMagic)
Coty, however, said there was no assurance that an agreement or collaboration would be reached and did not provide any further details.
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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.
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(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli)