In June, Kim Kardashian sold a 20 percent stake of her KKW Beauty for $200 million to Coty. Now that the deal is officially closed.
Kim Kardashian West inked a major business deal this week, selling 20 percent of her company KKW Beauty to the beauty giant Coty Inc. for $200 million.
As ET reports, the 40-year-old reality star turned beauty business mogul finalize the terms of the deal on Tuesday.
“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,” Kardashian West said in a press release. “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.”
The mother of four is following in her youngest sister’s footsteps. Kylie Jenner sold a majority of her own beauty company, Kylie Cosmetics, to Coty back in 2019 for $600 million. Jenner’s deal preceded her expansion into skincare, a move Kim is expected to follow via a skincare line slated for 2022. Coty plans to assist Kim as she branches out into the realms of haircare, personal care, and nail products.
“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 CEO Sue Y. Nabi said. “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.”
Coty is the beauty conglomerate behind well known brands like CoverGirl, MaxFactor, and Clairol. The company first announced its plan to acquire part of KKW in June.
“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,” Nabi said of the global celebrity. “I look forward to working closely with Kim and her team and I’m excited by everything we will achieve together.”
Love them or hate them, one thing is certain and that’s the fact that the Kardashians are going to keep the checks coming in.