Over the last several years, Coty, an international beauty company, has engaged in multiple mergers and acquisitions. In October 2016, Coty announced a merger with The Proctor & Gamble Company’s specialty beauty business for $12.5 billion. Yet by July 2019, Coty announced the write down of about $3 billion in value of brands acquired from Proctor & Gamble as part of a four-year restructuring plan. On this news, Coty’s stock price fell approximately 14%. Then on November 18, 2019, Coty announced that it was acquiring a 51% majority stake in Kylie Jenner’s Kylie Cosmetics line for another $600 million. However, on May 29,2020, Forbes reported that Ms. Jenner “has been inflating the size and success of her business. For years.” On this news, Coty’s price approximately 13%.