Coty to buy 20% stake in Kim Kardashian West’s $1 billion beauty line – Reuters

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(Reuters) – Coty Inc said on Monday it would buy a 20% stake in reality TV star Kim Kardashian West’s makeup brand KKW, as the cosmetics maker looks to cash in on the demand for celebrity-owned products. Shares of the CoverGirl cosmetics maker, which have lost about two-thirds of their value this year, were up 14% in premarket trading. The deal values West’s cosmetics line at $1 billion, slightly lower than the $1.2 billion valuation Coty put on West’s half-sister kylie Jenner’
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