Coty surges 15% after agreement to buy 20% of Kim Kardashian West's beauty brand for $200 million
- Coty on Monday announced it agreed to buy 20% stake in
Kim Kardashian West's beauty business for $200 million.
- Shares of the company surged as much as 15% on Monday.
- Earlier this year,
Cotyinked another major deal with Kylie Jenner, Kardashian West's half-sister, acquiring a majority stake in Jenner's brands for $600 million.
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Shares of Coty skyrocketed as much as 15% Monday to $4.82 after the company agreed to buy a 20% stake in
Coty will develop the brand's skincare, haircare, personal care, and nail products, the company said in a statement.
The company said Monday it expects the deal to close in the third quarter of the year. All products will be sold online and through luxury beauty retailers.
Earlier this year, Coty inked another major deal with Kylie Jenner, Kardashian West's half-sister, acquiring a majority stake in Jenner's brands for $600 million.
"The transaction is another step in Coty's renewed emphasis on its beauty business and ongoing transformation into a more agile, focused company," the company said in a statement. "Kardashian West is one of the world's most recognized personalities with 300 million followers across her personal and brand social media channels, as well as being an influential voice among beauty consumers globally," the company said.
Coty shares have declined roughly 57% year-to-date.
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