Kim Kardashian Sells Stake in KKW Beauty for $200 Million
Kim Kardashian has made headlines once again with the announcement that she’s sold a 20% stake in her cosmetics company KKW Beauty. The brand is reportedly now valued at $1 billion. Major conglomerate Coty who owns CoverGirl and a 51% stake in Kylie Cosmetics says they have big plans for KKW Beauty including global expansion.
“The transaction is another step in Coty’s renewed emphasis on its beauty business and ongoing transformation into a more agile, focused company,” Peter Harf, chairman and chief executive officer of Coty said.
Coty will have overall responsibility for KKW Beauty’s development in skincare, haircare, personal care and nail products. On the other hand, Kardashian and her team will lead all creative efforts in terms of product and communications via social media.
“Partnering with an established organization 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,” Kardashian said.
“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.”
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