Beauty group Coty announced on Friday the sale of its remaining 25.8% stake in professional hair care brand Wella to private equity firm KKR for $750 million. Following the transaction, Coty will retain a 45% share of proceeds if Wella is later sold or taken public, contingent on KKR achieving its priority returns. Most cash from the deal will reduce company debt. The sale completes Coty’s portfolio simplification initiative, which began in 2020. Earlier this year, Coty initiated a strategic review of its cosmetics business, potentially including sales of Rimmel and CoverGirl. The move reflects Coty’s pivot toward its fragrance division as global demand for color cosmetics remains weak.