Coty Inc. sold its shares of the Skkn by Kim brand.
The American cosmetics group sold its 20 percent participation in Kim Kardashian’s cosmetic brand to Skims, said Coty on Friday. The Shapewear provider co-founded by the media personality and businesswoman combines the beauty and lifestyle ventures under a brand after the transaction.
“We are the preferred partner for global brands, fashion houses and celebrities who want to develop leading beauty products,” said Anna von Bayern, CEO of Kylie Cosmetics and head of Kim Kardashian’s beauty business at Coty. “I would like to thank Kim for the partnership and look forward to continuing our work on our extremely successful brand Kylie Cosmetics, which we have increased by 1.5 times in the past two years and on which we have the majority and the permanent license.”
Coty first announced his participation in Kim Kardashian’s beauty business in 2020 and completed the transaction in the following year.