Kim Kardashian has sold a 20 per cent stake of her KKW Beauty brand to beauty giant Coty. The deal, which is worth US$200 million, raises KKW Beauty’s valuation to US$1 billion. According to Coty, the company will oversee the portfolio’s development in skincare, haircare, personal care and nail products.
“This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands,” said Peter Harf, chairman and CEO at Coty.
“Partnering with an established organisation 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,” said Kim Kardashian West.
KKW Beauty was founded in 2017, offering beauty products ranging from lip gloss and foundation to perfume.
“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.”
Earlier this year, Coty acquired a majority stake in Kardashian West sister’s brand Kylie Cosmetics, which values the brand at US$1 billion as well. Last week, Kim Kardashian’s husband, Kanye West, closed a deal with the US apparel retailer Gap to launch the Yeezy Gap label.