Kim Kardashian West Sells Stake in KKW Beauty for $200 million
Kim Kardashian West is selling her stake in KKW Beauty for $200 million to COTY Inc. (owner of Covergirl). The deal values KKW Beauty at $1 billion.
Kim Kardashian West is selling her stake in KKW Beauty for $200 million to COTY Inc. (owner of Covergirl). The deal values KKW Beauty at $1 billion.
When Kim Kardashian West initially launched KKW Beauty in 2017, she tapped into her hundreds of millions of social media followers to sell lip gloss, body foundation and perfume. Even though she won’t have a stake in KKW Beauty, she will still promote online and help with the creation of new products.
The Covergirl owner seems to be smitten with the Kardashian family as they also bought 51% stake in Kylie Cosmetics last year. When talking about why COTY is investing in KKW Beauty CEO Peter Harf stated, “Kim is a true modern day global icon.”
COTY owner will expand KKW Beauty on a global level and add other categories into its product portfolio, such as skincare products and shampoos with the help of Kim Kardashian West’s influence on global media.
Since the announcement came, COTY’s share price rose by 13% to $4.74 on June 29. With KKW Beauty on its portfolio, COTY will reach more social media based audience. Their other companies, such as Max Factor and Sally Hensen, are not able to reach that audience yet when compared to KKW Beauty.
In other news related to the Kardashian-West family, Kanye West has signed a deal with Gap to design a line for them under his brand Yeezy.
https://twitter.com/JoshuaMellin/status/1277308861200969729?s=20
To read about Bilal Maqsood and Anwar Maqsood’s collaboration on Ye Piyar Ka Roug Hai, click here.
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