That was a quick makeover.
After being criticized last week for his ties to Kylie Jenner, beauty product vendor Coty announced a $ 1 billion investment and a restructuring of the administration, sending the shares up to 20 percent, to $ 4.36, in afternoon operations.
Coty said Monday that buying firm KKR will acquire a 60 percent stake in Coty’s hair and nail brands, including Wella, Clairol and OPI, in a deal that values the business at $ 4.3 billion.
The news added a much-needed shine to Coty’s shares, which fell 13 percent the Friday after. Forbes accused Kylie Jenner from lying to the press about their wealth, including the financial success of your Kylie Cosmetics business. Coty bought a 51 percent stake in Kylie Cosmetics for $ 600 million in November with plans to use her followers on social media to better sell to young people.
Jenner has denied the allegations., including the fact that he submitted falsified financial information when he met the magazine known for its wealth ranking to look richer. CoverGirl and Kylie Cosmetics’ parent company also named Coty President Peter Harf as CEO, its fourth chief executive just four years amid declining sales. Harf had previously been CEO from 1990 to 2001.
Harf’s appointment was unexpected because the company said in February that former Jimmy Choo executive Pierre Denis would take over in late May, succeeding Pierre Laubies.
The reason for the change is unclear, but the company said Denis, who also resigned from the board, will remain an adviser to the company while embarking on a mission to cut his expenses by 25 percent.