Celebrity News

Kim Kardashian sells 20% stake in KKW cosmetics in a deal that values the company at $1 billion

Kim Kardashian sells 20% stake in KKW cosmetics in a deal that values the company at $1 billion
Kim Kardashian has joined her husband, Kanye West in the league of billionaires as she strikes a major deal with beauty brand, Coty. 

Recall that her sister, Kylie Jenner sold a 51% stake in her beauty company, Kylie Cosmetics to the same French beauty brand, Coty in a $600 million deal.

According to the Financial Times, Coty valued Kim’s company at 1 billion dollars, 200 million dollars lower than they did her sister, Kylie’s when they purchased a stake in her’s.

In addition to this deal, an insider told Financial Times that although Coty bought a minority stake in KKW Cosmetics, the company also has the option to purchase a larger stake in the future.

Coty is doing this in order to take the company in a new direction in the coming years.

Simona Cattaneo, president of Coty luxury brands, said the deal would help accelerate changes at the company.

She said: “Coty is committed to becoming more focused and strategic as it transforms over the coming weeks and months.”

Interestingly, this is coming only a few days after Kanye West announced a new deal with Gap.

About the author

Simbiat

Simbiat

Simbiat Haroun studied Computer Science at the University of Lagos. She enjoys doing research and spends most of her time reading. She can be contacted at [email protected]

2 Comments

Click here to post a comment