Kim Kardashian’s business just keeps getting better and better! Kim is selling a stake in her beauty brand for $200 million, in a deal that values the TV reality star’s business at $1 billion.
In true Kanye West form he took to social media to celebrate his wife’s accomplishments in a unique way.
Coty Inc. made the announcement about the strategic partnership on Monday, stating in a press release that together, they will “focus on entering new beauty categories and global expansion” beyond Kim’s existing product lines.
The company has been a fan of the Kardashian clan for a while. Last year, it bought a 51% stake in the makeup line started by Kim’s younger sister, Kylie Jenner.
Coty acquired a majority stake of Kylie Cosmetics in the previous deal but Kim will still remain the majority owner of KKW Beauty.
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We are thrilled to welcome one of the most influential beauty icons to the Coty family: @kimkardashian West! 😍 With Kim’s influence and our deep expertise in prestige beauty we will build a beauty powerhouse and enter new beauty categories together. #Coty #CotyInc #Beauty
Kim also issued a statement on the deal in Coty’s press release: “Partnering with an established organization like Coty will be instrumental in the advancement of my brands as their global reach allows for faster expansion so people around the world are able to experience new launches first hand.”
The Keeping Up With the Kardashians star continued, “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.”
According to Coty, the acquisition is expected to close in the summer of 2021.