Tuesday, January 5, 2021

Kim Kardashian Strikes $200 Million Deal

 


Kim Kardashian West just made a major business deal. In an agreement that was finalized on Tuesday, the 40-year-old reality star sold 20 percent of her KKW Beauty company to Coty for $200 million. 


"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," Kim said in a press release. "This relationship will allow me to lead the development of the creative elements that I specialize in, while benefiting from the incredible resources of an established company like Coty."


Through the deal, which was announced in June 2019, fans will see Kim's company branch out to new areas, including a skincare line slated for a 2022 release, as well as further development of her existing products. Kim and her team will remain the creative visionaries for the brand, while Coty will focus on product development with forays into haircare, personal care and nail products.


"Kim shares our true passion for beauty products, and this acquisition allows us to leverage our respective strengths for mutual benefit and value creation," Coty CEO Sue Y. Nabi said. "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 added. "I look forward to working closely with Kim and her team and I’m excited by everything we will achieve together."


Kim is the second in her family to sign a lucrative deal with Coty. In November 2019, her sister, Kylie Jenner, sold 51 percent of her Kylie Cosmetics and Kylie Skin brands to the company for $600 million. The sale, among other things, led Kylie to top Forbes' list of highest earning celebrities in 2020.

No comments:

Post a Comment

Search Wrap-Up Magazine By Name

Trending Now