- The deal is for a ‘longterm strategic partnership to launch products in new beauty categories and expand across the globe from top to bottom’
- Kim said: ‘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’
- Meanwhile, Coty bought a majority stake in her Kylie Jenner’s beauty company, (51%) in 2019, for $600million, which would value her wealth at $1.2billion
- However, Forbes recently stripped her of her ‘self-made billionaire’ status they had previously given her, estimating that she’s worth around $950million
- The reality star furiously denied their accusations that Kylie had inflated figures and ‘forged’ tax returns for her company
Kim Kardashian’s beauty brand, KKW, has been valued at a billion dollars, with the mogul now overtaking the wealth of her younger sister Kylie Jenner.
The mogul, 39, has just inked a deal with Coty Inc. to sell a 20 percent stake in the company, which sells make-up and fragrances, for $200million.
Coty also bought a 51 percent stake in Kylie’s company for $600million last year.
Kylie, 22, had been hailed a ‘self-made billionaire’ by Forbes in 2019 and 2020, but last month they stripped her of the title, accusing her of inflated business figures and ‘forging’ tax returns and suggesting she is worth around $950million.
Kim’s deal is for a ‘long-term strategic partnership to launch products in new beauty categories and expand across the globe from top to bottom’.
TMZ reports that Coty acts as a licensee for skin, hair, personal and nail products.
The deal means that Kim remains very much at the helm of the business, having only given up a 20 percent stake.
If the company have paid $200million for one fifth of the brand, that means they value the whole company at a billion dollars.
Coty bought a majority stake in Kylie’s beauty company, (51 per cent) in 2019, for $600million, whereas Kim will still be in charge of her company.
TMZ also reported that Kim and her team have been working out the deal with Coty for months.
Kim said: ‘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.’
Kim’s beauty company was recently sued by Seeds Beauty because they were reportedly worried she would spill trade secrets to Coty.