Kim Kardashian West Sells 20 Percent Of KKW Brand To Coty For $200 Million
Kim Kardashian West’s net worth just went up. The reality star and entrepreneur has sold 20 percent of her KKW cosmetics company to Coty for $200 million.
She said in a press release:
“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 specialize in, while benefiting from the incredible resources of an established company like Coty.”
Kim Kardashian West will stay on board as the creative lead, and Coty will help the brand venture out into other avenues such as nail products and haircare. The deal reportedly includes a skincare line that will launch in 2022.
Coty CEO Sue Y. Nabi said of the partnership:
“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 deal comes after her youngest sister, Kylie Jenner also partnered with the company in 2019. She sold 51% of Kylie Cosmetics to Coty for $600 million, putting her on track to become the world’s youngest self-made billionaire two years in a row.
What are your thoughts on the deal? Comment and let us know.