Not so long ago, we heard the news that beauty mogul, Kylie Jenner, sold 51% stake in her company, Kylie Cosmetics, to Coty for $600 million. Guess who jumped on the bandwagon too? Big sister, Kim Kardashian West, of course! She sold a 20% stake in her company, KKW Beauty, to Coty Inc for $200 million. This new deal values KKW Beauty at $1 billion, just $200 million shy of Kylie Cosmetics.
Coty Chairman and Chief Executive Officer, Peter Harf, is all praise for Kim Kardashian West. He believes that she is a true modern-day global icon. According to him, she is a visionary, an entrepreneur, a mother, a philanthropist, and through social media has an unparalleled ability to connect with people around the world.
After selling part of the company, it's not that Kim K would have no role to play in KKW Beauty. She and her team will continue to plan and lead the creative side of KKW Beauty while relying on Coty to take care of global expansion and fetching her brand commercial opportunities.
Kim Kardashian West also made a statement about her partnership with Coty. She said, "Partnering with an established organization like Coty will be instrumental in the advancement of my brands as their global reach allows for faster expansion so people around the world are able to experience new launches first hand. This relationship will allow me to focus on the creative elements that I’m so passionate about while benefiting from the incredible resources of Coty, and launching my products around the world."
While hubby, Kanye West, took to Twitter yesterday to congratulate his wife on her billionaire status, Forbes has a different take on this.
I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire
You’ve weathered the craziest storms and now God is shining on you and our family
So blessed this is still life So I made you this still life
According to Forbes, Kim Kardashian West's net worth is likely to be $900 million. More than actual revenues, Kim's company's "sky-high" valuation is more to do with social media presence. In a nutshell, KKW Beauty's new $1 billion valuations may be solely based on the price of the investment made by Coty. It doesn't state that Kim's beauty brand has or ever made $1 billion by itself. There's also a rumour that KKW doesn't solely belong to Kim Kardashian West. Apparently, her mother, Kris Jenner, owns 8% of the company. However, there are no official statements or comments made by Kris Jenner about her having stakes in KKW Beauty.
Billionaire or not, this is still a big win for Kim Kardashian West. Does this global expansion plan with Coty include Indian markets? Guess we'll just have to wait and watch!