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Coty Climbs Midday as It Cuts Ties With Younique

Investing.com - Makeup and fragrance maker Coty (NYSE:COTY) was higher in midday trade on Wednesday after it said it was ending its partnership with social-media company Younique.

The stock gained nearly 5% in midday trading.

Coty announced the breakup during its quarterly results and said it plans to sell its 60% stake in the company back to the founders.

In July the company announced it would take a $3 billion writedown on brands it acquired from Procter & Gamble's (NYSE:PG) beauty business, which it has struggled to sell as consumer demand for drugstore cosmetics falls.

Losses at the company widened to $2.8 billion, or $3.72 per share, while revenue fell 8% to $2.12 billion, compared to expectations of $2.11 billion. Adjusted earnings per share came in at $0.16, in line with forecasts compiled by Investing.com.

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