Kim Kardashian West has inked a deal to sell 20 per cent of her make-up brand KKW Beauty to American cosmetics giant Coty for US$200 million, the pair announced on Monday.
The agreement values the three-year-old company at US$1 billion. It will see Coty take “overall responsibility” for the brand’s skincare, haircare, personal care and nail products, they 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,” Kardashian said.
The purchase is expected to be completed in the third quarter of the fiscal year 2021 and sees Coty deepen its collaboration with the celebrity Kardashian-Jenner family.
In January, Coty, acquired a 51 per cent stake in Kylie Jenner’s cosmetics brand. Jenner is Kardashian’s half-sister.
The pair have built a beauty empire on the back of the success of the hit reality TV show “Keeping Up with the Kardashians,” which first aired in 2007.
Kardashian has 177 million followers on Instagram while Jenner has 183 million.
Last week, rapper Kanye West, Kardashian’s husband, announced a deal between his Yeezy fashion brand and Gap which saw the latter’s shares surge.
In other news – Shocking Covid-19 tests kits found by a jogger dumped on N2 in East London – Pictures
According to the jogger, the kits had details of patients, headed to a lab in Port Elizabeth testing centre. Read more