Kim Kardashian West has decided to sell 20% of her baby, KKW Beauty brand to the beauty giant, Coty, and she has signed a major deal that is worth R3bn with the company and she sealed it on Tuesday the 5th of January 2021.
In a statement, Kim said she’s very proud of how the KKW brand has grown over the past four years, “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. 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.”
The 40-year-old reality star is working on a skincare line for 2022 and is also expanding to other areas of beauty such as hair and nails. Coty has the expertise and resources to bring Kim’s products to customers across the globe and enable her to work in “new beauty categories”.
Coty CEO, Sue Y. Nabi, commented: “Kim shares our true passion for beauty products, and this acquisition allows us to leverage our respective strengths for mutual benefit and value creation. 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.”
She added: “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. I look forward to working closely with Kim and her team and I’m excited by everything we will achieve together.”
2021 may have had a rough start for Kim in her personal life, but her business life is definitely here for her.
We are pleased to announce Coty’s completed acquisition of a 20% ownership interest in Kim Kardashian West's beauty business. Discover the full press release here➡️ https://t.co/Ba8LTEZyK8 pic.twitter.com/mQUP43FqP3
— Coty Inc. (@COTYInc) January 5, 2021
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