Why Coty Stock Popped Today

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What happened

Shares of Coty (NYSE:COTY) were moving higher today after the cosmetics giant forged yet another deal with the kardashian family, this time taking a 20% interest in Kim kardashian West’s beauty business for $200 million, valuing the enterprise at $1 billion.

The deal comes just months after Coty took a 51% stake in Kylie Cosmetics, the company founded by kardashian West’s half sister Kylie Jenner.

Coty stock was up 10.5% as of 10:52 a.m. EDT.

A cosmetics table at a store

Image source: Getty Images.

So what

Coty said it was forming a strategic relationship with kardashian West, one of the most popular celebrities on social media with more than 300 million followers across multiple channels. Together, Coty and kardashian West plan to

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