Why Coty Stock Popped Today
Shares of Coty (NYSE: COTY) were climbing for the second day in a row today after the cosmetics maker announced the launch of Kylie Skin in the U.K., France, Germany, and Australia under a direct-to-consumer model this morning. The gains also came as the company got an analyst upgrade yesterday.
The stock closed today's session up 12.3% after a 9.5% gain yesterday.
The struggling cosmetics giant has staked its turnaround bid on Kylie Cosmetics, the company founded by celebrity Kylie Jenner that Coty paid $600 million to acquire a 51% stake in. The beauty industry has been significantly impacted by the pandemic, but skin care sales have held up better than segments like fragrances and cosmetics, which are used more for work and social events.
Source Fool.com
