Kim Kardashian started the New Year by closing a $200 million stake deal with Coty.
Back in June 2020, the beauty mogul sold a 20 percent stake of her KKW Beauty brand to Coty for $200 million. Now that the deal is closed, Coty will be rolling out plans to make KKW richer. The company also plans to develop skincare, haircare, personal care, and nail products by 2022, according to WWD. Coty CEO Sue Y. Nabi is hoping to bring “scientific knowledge around formulation to the table, while Kardashian West will bring a massive following,”
Nabi states that Kim shares their “true passion for beauty products” and this acquisition allows them to leverage their “respective strengths for mutual benefit and value creation.”
During a press conference, Kim stated “how the KKW brand has grown over the past four years.” She is looking 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.”
Who Is Coty & What’s Their Business With The Kardashians?
Coty established itself in 1904 as an American multinational beauty company. From Adidas to Marc Jacobs, the company has many brand licenses that you may very well know.
However, because Coty is beauty orientated, there’s no surprise Kim is not the only Kardashian they have business with. Coty is also the company behind Kylie Jenner’s brands Kylie Cosmetics and Kylie Skin. In 2019, Jenner solidified her Forbes billionaire status after selling a 51 percent stake of Kylie Cosmetics to Coty. This was after Kylie Cosmetics sold it’s lip kits to Coty for $600 million!
In addition, with the confirmation of this exciting deal, we’re excited to see how KKW continues to top itself.