Beauty Giant Coty Inc.’s $4.3 billion Rescue Deal.
Music by: Image credit: Kylie Cosmetics, Coty inc.
It’s CULTED with your latest BEAUTY BLAST.
Have you guys been doing any make-up shopping during lockdown?
Like the fashion industry, it looks like COVID-19 will also leave a lasting impact on the roughly $500bn beauty industry.
Coty inc., the beauty firm who purchased 51% of Kylie Cosmetics for a staggering $600mn late last year, has turned to private equity firm KKR for financial support.
As part of a $4.3bn deal, Coty has agreed to sell 60% of its hair-care business, which includes Wella and Clairol, giving the group a much-needed injection of cash.
This will also allow Coty to focus on prioritising investments for the remainder of their categories, including mass beauty brands like Kylie Cosmetics.
So KJ’s lip-kits are safe for now!
Coty plans to keep a 40% stake in the businesses and will retain ownership of all its business in Brazil.
So guys are you shocked by the news?
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See also: KYLIE JENNER SELLS 51% OF KYLIE COSMETICS
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