UPDATE: Kim Kardashian is officially $200 million richer. The E! star has closed a deal selling 20 percent of her KKW Beauty brand to Coty Inc. for a whopping $200 million, E! News confirms.
“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 statement on Jan. 5. “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 Kardashian‘s business just keeps getting better and better!
The mogul is selling a 20 percent stake in KKW Beauty to Coty Inc.—home to some of the world’s largest beauty brands like CoverGirl, Sally Hansen and OPI—for $200 million in a deal that values the famed cosmetics company at $1 billion, according to the Financial Times.
Coty Inc. made the announcement about the strategic partnership on Monday, stating in a press release that together, they will “focus on entering new beauty categories and global expansion” beyond Kim’s existing product lines. This means development in skincare, haircare, personal care and nail products!
As for Kim’s role, she and her team “will lead all creative efforts in terms of product and communications initiatives, building on her remarkable global reach capabilities through social media,” the statement continued.
The move comes just months after Coty made a separate deal with Kim’s sister, Kylie Jenner: a 51 percent stake in the 22-year-old’s makeup company, Kylie Cosmetics, for $600 million.