Move over Kylie Jenner and Kanye West. There may be a new billionaire in the family.
Kim Kardashian West – the media mogul behind brands KKW Beauty, KKW fragrance and SKIMS shapewear – sold a stake in her beauty brand to Coty for $200 million, in a deal that values the TV reality star’s three-year-old business at $1 billion.
In this new partnership, Coty will own 20% of KKW Beauty.
"We are thrilled to welcome one of the most influential beauty icons to the Coty family: @kimkardashian West!" the beauty company wrote on Instagram Monday. "With Kim’s influence and our deep expertise in prestige beauty we will build a beauty powerhouse and enter new beauty categories together."
Coty, the multinational company that owns CoverGirl, Tiffany & Co. and Balenciaga among other notable beauty and fashion brands, bought 51% of Kylie Cosmetics for $600 million in 2019.
Coty: Kylie Jenner sells majority ownership in beauty company for $600 million
No one was prouder of Kardashian West's alleged billionaire status than her husband, Kanye West, who was himself declared a billionaire by Forbes in April.
"I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire," West tweeted. "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."
But, not so fast. Forbes estimates Kardashian West's net worth at about $900 million.
Yes, Kanye West is a billionaire. But he's still not as rich as he says he is
Kardashian West, who stars on the long-running reality TV show “Keeping Up With the Kardashians,” founded KKW Beauty in 2017 and tapped into her hundreds of millions of social media followers to sell lip gloss, body foundation and perfume.
In the new partnership, Kardashian West will still help create new products and promote KKW Beauty online. (She is the sixth most-followed celebrity account on Instagram with 177 million followers)
Coty plans to expand the brand into more countries around the world and possibly into other categories, like skin creams and shampoos. It also hopes the buzzy brand can help boost sales and connect with younger shoppers who spend a lot of time on social media.
"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," Kardashian West said in a press release with Coty.
Contributing: The Associated Press
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June 30, 2020 at 10:17AM
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