Coty Inc. has announced that it is discontinuing its affiliation with Kim Kardashian's beauty business and divesting its ownership in the brand to Skims, which is Kardashian's lingerie label. Coty had purchased a 20% share in SKKN by Kim for $200 million in 2021 but did not disclose the financial details of the sale. The cosmetics company, known for brands like CoverGirl, will still collaborate with Kylie Jenner's beauty brand, Kylie Cosmetics, of which it holds the majority share. Kim Kardashian will now integrate her beauty brand into the Skims brand. Skims recently formed a partnership with Nike Inc. and was valued at $4 billion in a funding round in 2023. Reports from Bloomberg News in 2023 indicated that both Kardashian and Jenner had been dissatisfied with Coty's management of their brands and had discussions about regaining ownership of their beauty lines. Anna von Bayern, the Chief Executive Officer of Kylie Cosmetics who previously oversaw Kardashian's business at Coty, expressed gratitude to Kim for the partnership and affirmed the commitment to further developing the highly successful Kylie Cosmetics brand.