Kim Kardashian has kicked off 2021 with a bang after completing the sale of her KKW Beauty share to Coty for a whopping $200 million (£146 million).
It was announced last year that Kim, 40, would be offloading 20% of her stake in the beauty brand to the cosmetics giant.
Coty and the reality star have now confirmed that details of the sale have been finalised.
Announcing the development, Kim said in a statement released to Business Wire: ‘I’m so proud of how the KKW brand has grown over the past four years, and I look forward to working with Coty for the next phase of innovation, advancement, and the ability to bring new launches to customers all around the world.
‘This relationship will allow me to lead the development of the creative elements that I specialise in, while benefiting from the incredible resources of an established company like Coty.’
Coty CEO Sue Y Nabi said Kim shares the brand’s ‘true passion for beauty products’ and that the acquisition will allow them to ‘leverage [their] strengths for mutual benefit’.
Nabi added: ‘Coty brings unique IP in skincare, the scientific knowledge of the skin as reflected in our formulation know-how, while Kim brings a huge global following and unparalleled influence over consumer choice.
‘She has a unique ability to read the latest beauty and wellness trends, while we have the expertise on global product positioning, access to a vast global distribution network, and the resources to enter new beauty categories.’
Nabi revealed that Coty will continue working closely with Kim and her team.
The sale means the Keeping Up With the Kardashians star could now be on her way to becoming a billionaire as was previously reported by the BBC.
It’s estimated that the $200 million deal would value her brand at $1bn (£800m).
In addition to KKW Beauty, Kim’s growing business empire includes her shapewear brand Skims and the popular game app Kim Kardashian: Hollywood.
Credit: Original article published here.