Jun 26, 2019

Coty in talks to buy majority stake in Kylie Jenner's cosmetics company

Dan Primack, author of Pro Rata

Coty is in talks to buy a majority stake in Kylie Cosmetics from Kylie Jenner for at least $600 million, according to Women's Wear Daily.

Why it matters: The recent controversy over whether or not Kylie Jenner is a "self-made" billionaire obfuscates the fact that she quickly built a beauty products powerhouse that could soon live under the same corporate umbrella as CoverGirl and Sally Hansen.

The bottom line: "Kylie Cosmetics made a splash when it first launched with lip kits in 2015. ... In the first 18 months, it did $420 million in sales. Since then growth has slowed, sources said, which prompted the brand to enter Ulta Beauty." — WWD

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Virginia governor announces removal of Richmond's Robert E. Lee statue

Photo: Andrew Lichtenstein/Corbis via Getty Images

Virginia Gov. Ralph Northam announced on Thursday that the state will remove the statue of Confederate Gen. Robert E. Lee from Richmond's historic Monument Avenue.

Why it matters: It's a watershed moment for Virginia, which has been at the center of a years-long national debate about whether Confederate monuments should be displayed publicly. That discussion reached a boiling point when protests about a statue of Lee in Charlottesville turned violent in 2017.

RNC expands convention search across the Sun Belt

Donald Trump, Mike Pence and their families on the last night of the Republican National Convention in Ohio in 2016. Photo: David Hume Kennerly/Getty Images.

The Republican National Committee is planning site visits over the next 10 days to more than a half-dozen cities — across the South and into Texas and Arizona — as it scrambles for a new convention host, people familiar with the internal discussions tell Axios.

Driving the news: The RNC's executive committee voted Wednesday night to allow most of the convention to move — with only a smaller, official portion remaining in Charlotte — after North Carolina's governor said the coronavirus pandemic would mean a scaled-back event with social distancing and face coverings.

Oil faces tough road back from coronavirus

Illustration: Aïda Amer/Axios

Oil companies in the battered shale patch are starting to bring back some production as prices climb, but a new report underscores how the pandemic is taking a heavy financial toll despite signs of revival.

Driving the news: Fourteen North American producers have filed for bankruptcy thus far during the second quarter, per a tally from the law firm Haynes and Boone, which closely tracks the sector's finances.