New York — Coty is selling a majority stake in its hair and nail-care business to US buyout firm KKR for $3bn 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 $7bn earlier in 2020, Reuters reported, before the virus outbreak forced hair salons about the world to shut and prompted consumers to buy more home dye kits...