The beauty company that bought Kylie Jennerout of her majority stake is taking a huge hit on Wall Street.
Coty shares are plummeting in the wake of the world’s youngest billionaire’s decision to sell her 51 percent stake in Kylie Cosmetics to the conglomerate. After trading closed this week, Coty stocks were down significantly to $11.53, the lowest they’ve been in a month.
It’s interesting … Coty shares did pretty well Monday, moving up slightly to $12.22 after announcing they bought Kylie’s majority stake for $600 million, but that trend didn’t last.
After a brief initial surge, the share price kept trending down, finishing each day this week at a lower figure. Overall, Coty stock is down roughly 5.5 percent since Kylie cashed out.
Many analysts expected a surge after Coty snapped up Kylie — but they got this one flat wrong.
Shareholders might be hurting, but Kylie’s another $600 mil in the black.