Kim Kardashian's New Year is off to a great start after she netted $200million!
The Keeping Up With The Kardashians star sold a 20 per cent stake of her beauty company, KKW Beauty, to Coty Inc – who also owns 51 per cent of Kylie Jenner's makeup empire – with the deal being finalised on Tuesday, according to a press release from Coty.
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The acquisition was first announced in June 2020, and according to a statement, Coty and Kim will "focus on entering new beauty categories and global expansion beyond existing product lines".
"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," Kim said in a statement.
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© Photo: InstagramKim sold 20 per cent of her beauty business to Coty Inc
The 40-year-old TV star added: "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."
One of their joint "new launches" includes the development of Kim's skincare line, which remains on track for an expected launch in the fiscal year 2022.
© Photo: InstagramKim launched KKW Beauty in 2017
Sue Y. Nabi, Chief Executive Officer of Coty, said: "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.
Kim teaches fans how to 'correct, conceal, bake and brighten' using KKW Beauty
"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."
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