Kim Kardashian's KKW Beauty closes R3 billion deal with Coty

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Kim Kardashian attends KKW Beauty launch at ULTA Beauty on October 24, 2019 in New York City. Photo by Dimitrios Kambouris/ Getty Images for ULTA Beauty / KKW Beauty
Kim Kardashian attends KKW Beauty launch at ULTA Beauty on October 24, 2019 in New York City. Photo by Dimitrios Kambouris/ Getty Images for ULTA Beauty / KKW Beauty

Kim Kardashian's makeup line, KKW Beauty, has just closed a $200 million (Almost R3 billion) deal with Coty. 

The deal in which the Kardashian sold 20% of her beauty company to Coty was finalised yesterday, after being first announced in June of last year, according to Business of Fashion

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

"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," the 40-year-old entrepreneur said in a statement.  

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The deal will help KKW Beauty in developing an upcoming skincare line and expansion of existing products. 

Coty will oversee product development of haircare, personal care, and nail products, among other things. 

According to Business of Fashion, a skincare line developed by the Kardashian and Coty is expected to roll out in the 2022 fiscal year. 

"[Kim] has a unique ability to read the latest beauty and wellness trends..." said Coty's CEO Sue Y. Nabi via a statement. 

"While we have the expertise on global product positioning, access to a vast global distribution network, and the resources to enter new beauty categories.|

READ MORE Kylie Jenner retains Forbes' youngest self-made billionaire title for 2020

Kardashian sister, Kylie Jenner, also struck a deal with Coty in November 2019. 

She sold 51% of her Kylie Cosmetics and Kylie Skin brands for $600 (about R9 billion). 

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SOURCE: 

Business of Fashion 

Video provided by TCA.

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Compiled by Tyler Setzer

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