Kim Kardashian West Sells a $200 Million Stake of Her Beauty Brand to Coty Inc.
The deal will allow her to expand KKW Beauty into new categories including skincare, haircare, and nail products.
Coty Inc. just took it's relationship with the Kardashian/Jenners to the next level.
On Monday, June 29, the cosmetics conglomerate acquired a 20% stake in Kim Kardashian West's KKW Beauty, a deal that cost a cool $200 million.
Under the licensing agreement, Kardashian West and Coty will partner to expand KKW Beauty into new categories including skincare, haircare, personal care, and nail products, and 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," Peter Harf, Coty Chairman and Chief Executive Officer said in a statement. "This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”
Kardashian West 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.”
VIDEO: Kim Kardashian Wished Kanye West a Happy Father's Day With a New Family Portrait
Coty paid $600 million for a 51 percent stake in Kylie Jenner's Kylie Cosmetics brand in November 2019. WWD reported the potential deal with Kardashian West's KKW Beauty earlier this month. Ahead of the tentative deal, Seed Beauty, the manufacturer that the star used to launch her beauty brand filed a lawsuit to prevent KKW Beauty from sharing trade secrets with Coty.
Expect even more KKW Beauty product drops after the Coty deal closes in 2021.