(Bloomberg) – Coty Inc. fell Friday after news that Forbes magazine Kylie Jenner reportedly provided with misleading financial information on their cosmetic brand. Shares of Coty, which acquired a majority stake in Cosmetics Kylie last year, fell by 13% to $3.63, extending its decline from 2020 to 68% to close. The news report raises questions about one of Coty’s most visible brands which seeks to overcome sales stagnated, changing tastes and sale to consumers through retail crown challenges caused pandemic. The company, which took in last year’s write-billion, agreed this month Wella and Clairol brands the company sells KKR & Co. as part of a deal $4300000000 acquisition so that ground the beauty and Jenner focused brand . Last week they launched a beauty line of skin Kylie in Europe. Representative of the communication management company Jenner and his agent, welders Christy, did not immediately respond to messages seeking comment, nor Lisa Kessler, a spokesman for New York-based Coty. “Everything that a number of inaccurate statements and assumptions unproven,” said Jenner Friday reacted by several tweets of the Forbes report in one. “Can I get a list of 100 things to call now important that the setting of how much money I have.” Forbes spokesman Matthew Hutchison defended the report. “Today survey has been widely reported new filings triggered the apparent discrepancies between the information revealed privately with journalists and the information provided to the public shareholders delivered,” he said in an e-mail. “Our reporter found inaccuracies and months passed to the facts reveal.” Jenner, 22, a scion of the family Kardashian, the youngest self-made billionaire was March 2019, and the world has accepted a 51% stake in its Coty cosmetics line for sale in November. Buy $600 million assessed their business to about $1.2 billion. prompted some analysts questioned the price tag at the time and in the forefront of the recent devaluation “or a renewed pick-up, which will be paid for Kylie investors Cosmetics shake,” said Deborah Aitken on Bloomberg intelligence. The pandemic has their net worth dropped to leave them with assets of less than $1 billion. Forbes said the star of years spent on social media, the size and success inflate their activity in the magazine for its estimates to increase their assets. Jenner, in one of the tweets said: “I never asked for a title or never trying’ve are located there. Period.” Copyright Karwai Tang Picture by Getty Images
The Coty Beauty brand sees shares fall after, relationship questions Forbes wealth Kylie Jenner
