Kim Kardashian started the new year with a bang as she earned $200 million! Yes, the 40-year-old reality TV star and socialite sold her beauty company, KKW Beauty Line's 20 percent stake to Coty Inc. The multinational beauty company also owns Kylie Jenner cosmetics company's 51 percent stake.
The company officially issued a press release on Jan. 5 about the finalized deal. Although a couple of months ago, the company and Kardashian already announced the acquisition. The Keeping Up With the Kardashians star said that she is looking forward to expanding her business on a global level and introduce new categories.
"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 television personality said.
She further said that the relationship between the company and her brand had allowed her to take care of the creative elements in the development process. Kardashian noted that the company authorizes her to utilize her skills and also benefit from an established company's resources.
The joint venture has also announced its upcoming product, which is currently under development. The skincare line's new launch is expected to launch in 2022. Sue Y. Nabi, CEO of Coty, also opened up about the collaboration and said that the reality TV star is extremely passionate about beauty products.
Moreover, he said that the company helps to discover unique IP and in-depth knowledge based on the science of the skin. It also reflects on the formulation of the products. Nabi admitted that this is why the television personality has such a huge fan following across the globe.
She further explained that Kardashian's influence on consumers is unparalleled when making a beauty choice. The 52-year-old CEO also praised Kardashian for her unique ability to stay updated about the latest wellness trends and beauty products.
Nabi acknowledged the global positioning expertise of their company and being able to reach a large network through international distribution. She also said that the company has the resources to ensure that the new beauty products are introduced in the market.
She further said that the company is looking forward to work with Kardashian and her team while she is also excited to achieve success together. Kardashian is the second family member following Jenner to collaborate with this company.