Kim Kardashian Is $200 Million Richer After Closing Beauty Brand Deal
UPDATE: Kim Kardashian is formally $200 million richer. The E! star has closed a offer selling 20 percent of her KKW Magnificence brand to Coty Inc. for a whopping $200 million, E! Information confirms.
“I am so proud of how the KKW model has grown over the previous four years, and I search ahead to working with Coty for the subsequent stage of innovation, development, and the capability to carry new launches to consumers all all-around the entire world,” Kim mentioned in a assertion on Jan. 5. “This connection will enable me to guide the growth of the innovative components that I focus in, when benefiting from the extraordinary assets of an proven company like Coty.”
Kim Kardashian‘s business just retains finding improved and greater!
The mogul is selling a 20 p.c stake in KKW Splendor to Coty Inc.—home to some of the world’s greatest magnificence brands like CoverGirl, Sally Hansen and OPI—for $200 million in a offer that values the famed cosmetics corporation at $1 billion, according to the Fiscal Instances.
Coty Inc. made the announcement about the strategic partnership on Monday, stating in a press launch that alongside one another, they will “aim on entering new attractiveness groups and worldwide growth” over and above Kim’s existing merchandise strains. This suggests advancement in skincare, haircare, personalized care and nail items!
As for Kim’s part, she and her team “will direct all imaginative attempts in conditions of product and communications initiatives, developing on her outstanding world-wide achieve abilities by means of social media,” the assertion continued.
The move will come just months after Coty made a separate offer with Kim’s sister, Kylie Jenner: a 51 p.c stake in the 22-calendar year-old’s makeup enterprise, Kylie Cosmetics, for $600 million.