Coty buys 20% of Kim Kardashian's beauty brand, prompting Kanye to announce she's a billionaire

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Coty is buying KKW - the deal values the brand at $1 billion (around R17 billion). This is less than the $1.2 billion value that Coty put on Kylie Jenner's business, which it bought in January. 

Coty is partnering with brands endorsed by celebrities with huge social media followings in the hopes that this will help sell its products to millennials who prefer less mainstream brands. 

READ MORE: Did Kylie Jenner lie about being a billionaire? Forbes revelations, forgery claims, her response

Kim launched KKW in 2017, two years after Kylie's foray into the beauty business. Now a lot is riding on the deal for Coty, as the owner of Rimmel and CoverGirl is saddled with billions of dollars of debt and struggling with turnaround. 

Coty hopes to close this new deal in the third quarter of next year. 

Meanwhile, Cover Media reports Kim's husband Kanye West, congratulated his wife on becoming a billionaire after the deal with Coty was made public. 

Coty's deal amounts to $200 million and once finalised, Kim's business will be worth $1 billion. Following the deal, Kanye took to Twitter to share a sweet acknowledgement to his other half to mark the achievement, saying how proud he is of his wife, who he says has "weathered the craziest storms".

Compiled by Phelokazi Mbude

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