A big business move is putting major bills into Kim Kardashian’s bank account, as it was confirmed that she sold 20 percent of KKW Beauty to Coty on Jan. 5.
The beauty company Coty has purchased 20 percent of Kim Kardashian’s KKW Beauty company for $200 million. The deal was finalized on Jan. 5 after 19 months of planning and negotiating. “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,” Kim said in a statement.
Under the collaboration with Coty, Kim and her team will continue to be the creative minds behind KKW Beauty. Coty will step in to help with product development, while also aiding the brand with expanding into areas, like haircare, personal care and nail products. Already, there is a new KKW skincare line slated for a 2022 release under this new partnership.
Coty and Kim actually came to a financial agreement for this acquisition back in July, but the deal was not finalized until now. The sale of 20 percent of KKW Beauty helped Kim reach billionaire status. “Kim’s success is based off of hard work,” a source told HollywoodLife EXCLUSIVELY at the time. “She’s proud of what she’s achieved because it shows her kids that if you put your mind and ability to something, the rewards are endless.”
Kim is not the first sister to sign a deal with Coty, though! In 2019, Kylie Jenner gave up more than half her share of Kylie Cosmetics and Kylie Skin to the company. She sold 51 percent of her brands to Coty for a whopping $600 million! The huge business move helped her earn the title of Highest Paid Celebrity in 2020, according to Forbes.
Kim launched KKW Beauty in June 2017, and it was followed up by KKW Fragrance in November of that year. KKW Beauty has products for lips, eyes, face, body and more. Additionally, Kim also created a shapewear collection called SKIMS in 2019.
“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’s CEO said after closing the KKW Beauty deal. “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.”