KKR snaps up Coty's Wella as pandemic dulls beauty sales
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(Reuters) - Coty Inc is selling a majority stake in its hair and nail care business to U.S. buyout firm KKR & Co Inc for $3 billion in cash, well below what it was valued before the coronavirus pandemic ravaged the beauty business.The portfolio, including Wella and OPI, was valued at up to $7 billion earlier this year, Reuters reported, before the virus outbreak forced hair salons around the world to shut and prompted consumers to buy more home dye kits. Coty shares initially rose 15% on news..