Kim Kardashian West has sold 20 per cent of KKW Beauty to Coty Inc. for a whopping $200 million.
The ‘Keeping Up with the Kardashians’ star – who launched the brand in 2017 – and the beauty giant finalised the major deal on Tuesday (05.01.21).
Kim said in a statement: “I’m so proud of how the KKW brand has grown over the past four years, and I look forward to working with Coty for the next phase of innovation, advancement, and the ability to bring new launches to customers all around the world. This relationship will allow me to lead the development of the creative elements that I specialise in, while benefiting from the incredible resources of an established company like Coty.”
The 40-year-old reality star is working on a skincare line for 2022 and is also expanding to other areas of beauty such as hair and nails.
Coty has the expertise and resources to bring Kim’s products to customers across the globe and enable her to work in “new beauty categories”.
Coty CEO, Sue Y. Nabi, commented: “Kim shares our true passion for beauty products, and this acquisition allows us to leverage our respective strengths for mutual benefit and value creation.
“Coty brings unique IP in skincare, the scientific knowledge of the skin as reflected in our formulation know-how, while Kim brings a huge global following and unparalleled influence over consumer choice.
“She has a unique ability to read the latest beauty and wellness trends, while we have the expertise on global product positioning, access to a vast global distribution network, and the resources to enter new beauty categories.
“I look forward to working closely with Kim and her team and I’m excited by everything we will achieve together.”
The law student – who has North, seven, Saint, five, Chicago, two, and Psalm, 19 months, with rapper Kanye West – follows in the footsteps of her half-sister, Kylie Jenner, in landing a money-spinning deal with Coty.
Last year, the 23-year-old beauty mogul sold 51 per cent of Kylie Cosmetics and Kylie Skin to the company for $600 million.