Kim Kardashian West is now officially a billionaire. The makeup and fashion mogul just sold a 20% stake in her KKW Beauty business to Coty for a cool $200 million. The new strategic partnership is exciting for the Kardashian West family no doubt, but also to fans of her beauty brand, as it will bring not just new makeup to the table but also skincare, haircare, nail products, and more.
We are thrilled to welcome one of the most influential beauty icons to the Coty family: @kimkardashian West! 😍 With Kim’s influence and our deep expertise in prestige beauty we will build a beauty powerhouse and enter new beauty categories together. #Coty #CotyInc #Beauty
A post shared by Coty Inc. (@cotyinc) on Jun 29, 2020 at 3:46am PDT
“Partnering with an established organization like Coty will be instrumental in the advancement of my brands as their global reach allows for faster expansion so people around the world are able to experience new launches first hand," Kardashian West said in a statement. "This relationship will allow me to focus on the creative elements that I’m so passionate about while benefiting from the incredible resources of Coty, and launching my products around the world.”
Back in January, Coty closed a deal with Kardashian-West's half-sister Kylie Jenner for a 51% stake in Kylie Cosmetics, earning her $600 million at the time. This new investment means that Kardashian West has overtaken her sister as the richest one in the family.
The deal is expected to close later this year, and there's no word yet on when the KKW hair, nail, or skin products are expected to launch. "Coty will have overall responsibility for the portfolio’s development in skincare, haircare, personal care and nail products, leveraging its deep understanding of the industry and its commercial and go-to-market expertise. Through the relationship each party will leverage its unique strengths to further build a high growth, direct-to-consumer beauty brand," read the brand statement.
A post shared by Kim Kardashian West (@kimkardashian) on Jun 28, 2020 at 9:36am PDT
Kardashian West's husband Kanye West was also anointed a billionaire earlier this year by Forbes for his Yeezy partnership with Adidas. This was before the shocking announcement that West would be working with a Gap for an upcoming, long-term partnership. This news also comes after reports that West has trademarked his intention to launch a beauty brand of his own under the Yeezy label.
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