Kim Kardashian is nearing billionaire status all on her own. The Keeping Up With The Kardashians star just followed in her youngest sister's footsteps by landing a multi-million dollar deal with Coty Cosmetics. It was in November 2019 when Kylie Jenner's $600 million dollar Coty deal launched her into beauty mogul status.
Though she was called out a few months later in a scathing Forbes report that accused her of fabricating her cosmetic sales and earnings, the youngest member of the Kardashian-Jenner clan still was deemed the highest-paid celebrity of the year after giving the cosmetics giant a 51 percent stake of her self-made beauty brand Kylie Cosmetics. Meanwhile, Kim launched her KKW Beauty brand in 2016, a few years after Kylie launched her makeup brand. But by 2019, the cosmetics and fragrance company brought her reported net worth to an estimated $900 million after she also agreed to sell a 20 percent stake of her company to Coty Inc.
On January 5, the deal was finalized, ET reports. The SKIMS founder earned an additional $200 million after selling 20 percent of her self-made company to Coty. "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," the reality star said in a press release. "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." As part of the new deal, Kim and her team will remain the creative directors behind the brand while Coty handles product development for the brand including expanding into skincare, nails, and personal care.
"Kim shares our true passion for beauty products, and this acquisition allows us to leverage our respective strengths for mutual benefit and value creation," said Coty CEO Sue Y. Nabi. "Coty brings unique IP in skincare, the scientific knowledge of the skin as reflected in our formulation know-how, while Kim brings a huge global following and unparalleled influence over consumer choice." The socialite and mother of four has one of the largest followings on social media for any celebrity, after her youngest sister, of course. But, Coty is confident the deal will result in further success on both sides. "She has a unique ability to read the latest beauty and wellness trends, while we have the expertise on global product positioning, access to a vast global distribution network, and the resources to enter new beauty categories," Nabi added. "I look forward to working closely with Kim and her team and I’m excited by everything we will achieve together."
The mega-deal was announced on the same day reports surfaced that she and Kanye West were reportedly headed for divorce. The extra millions in her pocket will help out in the event the rumored divorce proceedings turn messy.
Source: ET