The beauty business mogul is making major moves as she sells 20% of KKW to Coty Inc. for $200 million. This move follows in the footsteps of her younger sister Kylie Jenner who also sold the majority of her beauty company to Coty Inc. for $600 million back in 2019.
Speaking to the huge steps taken in her business, Kim Kardashian said in a statement:
“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 specialize in, while benefiting from the incredible resources of an established company like Coty.”
Coty CEO Sue Y. Nabi also said: “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 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.”
Then went on to add: “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.
I look forward to working closely with Kim and her team and I’m excited by everything we will achieve together.”
Coty Inc. is a beauty conglomerate behind well-known brands such as CoverGirl, MaxFactor, Clairol, Rimmel, OPI, Sally Hansen, and many more.