The New York-based cosmetics veteran paid $200 million for the stake, valuing the brand KKW at $1 billion, the Financial Times reported.
Coty will also have an option to increase its stake in the business at a later stage, people familiar with the deal told the Financial Times.
The company had last acquired a 51% stake in Kim Kardashian's younger sister Kylie Jenner's make-up line at a valuation of $1.2 billion last year.
Why It Matters
The move follows Seed Beauty, a partner in KKW, obtaining a temporary injunction against any information related to its business being revealed to Coty as part of the deal, Bloomberg reported Sunday.
The injunction could delay the negotiations between KKW and Coty, according to the parties involved.
Coty shares closed 4.1% lower at $4.18 on Friday.
Image by KKW