The 40-year-old reality star turned beauty business mogul finalised the terms of the deal on earlier this week.
“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.”
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.
The mother of four is following in her youngest sister’s footsteps. Kylie Jenner sold a majority of her own beauty company, Kylie Cosmetics, to Coty back in 2019 for $600 million. Jenner’s deal preceded her expansion into skincare, a move Kim is expected to follow via a skincare line slated for 2022. Coty plans to assist Kim as she branches out into the realms of 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.
Love them or hate them, one thing is certain and that’s the fact that the Kardashians are going to keep the checks coming in.