Kim Kardashian West is making major business moves!
The reality star announced on Monday that she is selling a 20 percent stake of her KKW Beauty line to beauty giant Coty Inc. for $200 million, in order to expand the brand globally. A press release states that Coty will lead the “portfolio’s development” in skincare, haircare, personal care and nail products, while Kim will be responsible for “all creative efforts in terms of product and communication initiatives.”
“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,” Kim 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.”
Peter Harf, chairman and chief executive officer of Coty, shared in his own statement that “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,” his statement continued. “This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”
Shortly after news broke, Kim posted a chic shot of herself looking glam and gorgeous while posing on a beige couch. “So blessed and forever grateful ??✨” she captioned it, seemingly alluding to the beauty news.
So blessed and forever grateful ??✨
A post shared by Kim Kardashian West (@kimkardashian) on Jun 29, 2020 at 11:56am PDT
Coty is the same company that previously purchased a 51 percent stake in Kylie Jenner’s beauty brands — Kylie Cosmetics and Kylie Skin — for $600 million. “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” Kylie said at the time. “I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media.”
