Source: JB Lacroix / Getty
Kim Kardashian is following in the footsteps of her little sister, Kylie Jenner, and getting into business with a cosmetic company that could launch her already-successful brand into another stratosphere.
According to reports from TMZ, Kim’s beauty business, KKW Beauty–which sells a range of products from makeup to fragrances–just received a massive influx of cash from Coty Inc. The cosmetic conglomerate forked out $200 million for a 20% stake in Kim’s business, valuing the Kardashian sister’s business at a whopping $1 billion.
The new deal is said to be a longterm strategic partnership to launch products in new beauty categories and expand across the globe from top to bottom. Coty reportedly acts as a licensee for skin, hair, personal and nail products.https://www.instagram.com/p/CB3nfEcpwGe/
This isn’t the first time we’ve heard about this deal in the headlines, as Kim and her team have reportedly been hammering out this deal for months now; Coty is the same company that bought a huge stake in Kylie Cosmetics for $600 million.“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,” Kim told TMZ.One major difference between this deal and the one her sister made, though, is that Kim didn’t give up a majority stake in her company, so she still completely runs the show when it comes to KKW Beauty.Congrats to Kim on the major business accomplishment.