Image via Instagram @Cotyinc
Kim Kardashian West smashes into the billionaire club
Reality TV star and businesswoman Kim Kardashian signed a deal with Coty to earn a throne next to husband Kanye West.
Image via Instagram @Cotyinc
The media and beauty mogul is the person behind the brands KKW Beauty, KKW fragrance and SKIMS shape wear.
Kardashian West sold 20% of her three-year-old company KKW Beauty to Coty for $200-million (about R3.5-billion), which as a result has valued her cosmetics and fragrance company at $1-billion (R17.3-billion).
Coty is multinational company that owns major brands of cosmetic, as well as brands such as Tiffany and Balenciaga.
The company took to Instagram on Monday to share the news.
“We are thrilled to welcome one of the most influential beauty icons to the Coty family: @kimkardashian West!”
Full creative control
Kardashian West stated in a press release that she would keep full creative control over her company, including all communication initiatives.
The partnership with Coty will allow her brand to expand into more categories of skincare, hair care, personal care and nail products, while also allowing the KKW Beauty brand to be accessible globally.
Following in Kylie’s footsteps
Her business move follows that of her younger sister Kylie Jenner, who sold a 51% majority share of Kylie Cosmetics to Coty in November 2019.
That deal was worth $600-million (R10.4-billion), which valued the company at just under $1-billion (R17.3-billion), and gave her a net worth of just under $900-million (R15.5-billion).
The power couple: Kim and Kanye
The money year 2020 officially belongs to Kim and Kanye, as Kanye West also hit billionaire status earlier this year in April. The couple, who have been married for six years and have four children, support and celebrate one another on social media.
A happy Kanye took to Twitter to celebrate his wife’s achievement:
“I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire. You’ve weathered the craziest storms and now God is shining on you and our family.”
Kanye also recently formed a partnership with GAP to bring his iconic YEEZY designs, which usually go for hundreds of dollars, to consumers at a more affordable price. It is expected that the YEEZY Gap line will hit early 2021.
The designer confirmed this on his Twitter timelines.
KKW also tweeted her congratulations: “If anyone knows Kanye they know how much the Gap and Yeezy means to him so this partnership is his dream come true! I am so proud of him. You guys are going to love what they have in store for everyone! #WestDayEver”.
Tags:
