Kim Kardashian is expanding her brand globally.
According to The Financial Times, the “Keeping Up with the Kardashians” star has sold a 20 per cent stake in her KKW beauty line to Coty for $200 million.
The strategic partnership of Coty x KKW will allow Kardashian’s beauty brand to expand its gob reach with existing products and whole new categories.
Kardashian will continue to lead the creative side of the brand alongside her current team.
“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,” she 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.”
Peter Harf, Coty Chairman and Chief Executive Officer, added, “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. This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”
The partnership comes after Coty purchased a 51 per cent stake in Kardashian’s half-sister Kylie Jenner’s brands.
After news of the deal broke, Kardashian’s husband, rapper Kanye West, took to social media to offer his congratulations — and drop the news that she has now joined the billionaire’s club.
I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire
You’ve weathered the craziest storms and now God is shining on you and our family
So blessed this is still life
So I made you this still life
We love you so much pic.twitter.com/Vvtgzodnah
— ye (@kanyewest) June 30, 2020