The rich keep getting richer!
Kim Kardashian woke up today with an extra $200 million in her bank account on Tuesday. It was announced that the "Keeping Up With The Kardashians" star sold 20 percent of her popular KKW Beauty company to makeup and fragrance giant, Coty. Kim is ironically following in the footsteps of her little sister, Kylie Jenner, who sold 51 percent of her Kylie Cosmetics and Kylie Skin brands to the same company.
Read Kim's statement below!
Coty announced the news via a press release on January 5 and Kim included a lengthy statement that expressed her excitement.
"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. "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.”
When you get involved with the KarJenners, it can either be really bad (Jordyn Woods) or really good (Larsa Pippen) but it generally ends with everyone getting richer. The makeup conglomerate couldn't be happier to get Kim's Midas touch.
"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 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,” Coty's Chief Executive Officer Sue Y. Nabi said via the press release.
'The student has become the master!' We find it fairly interesting that Kim actually followed in Kylie's footsteps when it comes to selling parts of their companies. As we previously mentioned, Jenner sold 51 percent of her makeup and skincare lines for $600 million back in late 2019. That sale even put her on top of Kanye West and Oprah for the highest-earning celebrities of 2020, according to Forbes.
We wanted to take a moment to tip our hat to Kylie and Kim's momager, Kris Jenner. After all, both lucrative sales would never be possible if Kris didn't pave the way with her keen business acumen. Kylie may be considered a "self-made billionaire" but every successful person needs their mommy every once in a while.
Major props to Kim, Kylie, and Kris! Now Kris needs to work on getting a big-time buyer for Khloe's Good American brand!
