Why Coty Stock Is Trading Higher Wednesday
Portfolio Pulse from Adam Eckert
Coty Inc's shares are trading higher following reports that Kim Kardashian is in talks to buy back a 20% stake in SKKN from the company. The business was valued around $1 billion when Coty acquired the minority stake. Kardashian reportedly wants to buy back Coty’s stake as she plans an expansion of SKKN’s beauty categories.
July 12, 2023 | 12:42 pm
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Coty's stock is trading higher due to reports of Kim Kardashian's plans to buy back a 20% stake in SKKN. This could potentially lead to an expansion of SKKN’s beauty categories, which may positively impact Coty's future revenues.
The news of Kim Kardashian's plans to buy back a 20% stake in SKKN has led to a rise in Coty's stock. This is because the potential expansion of SKKN’s beauty categories could lead to increased revenues for Coty, thus making it more attractive to investors.
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