Tuesday Jun 30, 2020
Kim Kardashian has sold a major part of her beauty brand 'KKW Beauty', worth $200 million, to Coty Inc. on Monday.
The cosmetics conglomerate has acquired 20% stake in Kim's brand and partnered to expand it into new categories, such as skincare, haircare, personal care, and nail products.
In addition, it will also help grow the brand internationally.
“Kim is a true modern day global icon. She is a visionary, an entrepreneur, a mother, a philanthropist, and through social media has an unparalleled ability to connect with people around the world," a statement by Peter Harf, Coty Chairman and Chief Executive Officer read.
"This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”
Meanwhile, Kim commented, "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. 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.”
Prior to this, Coty Inc. acquired 51% stake in Kylie Jenner's Kylie Cosmetics brand in November 2019, paying a total of $600 million.