Kim Kardashian sells 20% stake to cosmetic giant Coty
Famed model and businesswoman, Kim Kardashian West has signed a deal to sell 20% of her make-up brand KKW Beauty to the American cosmetics company Coty for $200 million, the news announced on Monday.
As being reported, the deal values the reality TV star’s three-year-old makeup business at $1 billion.
The buyer is CoverGirl owner Coty, which will own 20% of the company.
“Kim is a true modern day global icon,” said Coty CEO Peter Harf in a statement. He also cited Kardashian West’s “unparalleled ability to connect with people around the world” as one reason for partnering with her.
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The deal will see Coty take “overall responsibility” for the brand’s skincare, haircare, personal care and nail products, the pair said in its 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,” Kardashian said.
It is expected that the purchase would be completed in the third quarter of the fiscal year 2021 and sees Coty extend its partnership with the celebrity Kardashian-Jenner family.
Coty had also acquired a 51 percent stake in Kylie Jenner’s cosmetics brand in January. Jenner is Kardashian’s half-sister.
The two built a beauty empire after the success of the hit reality TV show “Keeping Up with the Kardashians,” which first aired in 2007.