Cosmetics company Coty announced its decision to sell its 20% ownership stake in reality TV star Kim Kardashian's beauty brand to her clothing line, SKIMS. This move aims to unite the two businesses under one brand. Coty had acquired a stake in Kardashian's beauty business, SKKN, in 2021, and plans to use the proceeds from the sale to reduce debt and invest in innovations within its brand portfolio. Facing challenges in boosting sales due to restrained consumer spending amidst inflation concerns, Coty recently lowered its annual profit forecast and reported a decline in quarterly revenue. The company, which is based in New York and specializes in lipstick, is focusing on revitalizing its sales performance. Anna von Bayern, CEO of Kylie Cosmetics and the leader overseeing Kim Kardashian's beauty business at Coty, emphasized the continued collaboration with Kylie Cosmetics brand. Reports suggest that in 2023, Kim Kardashian was engaging in discussions with Coty about repurchasing a minority stake in her beauty firm to expand SKKN's beauty offerings. Coty did not disclose the stake purchase price and did not immediately respond to Reuters' request for comment.