Big money moves: What you need to know about Kim K and that beauty business deal
Reality TV star Kim Kardashian West has reportedly become a billionaire after she sold a stake of her company KKW to beauty conglomerate Coty.
Here are five key facts about the deal:
What's it worth
TMZ reports that Kim sold 20% of her stake for $200m (R3.46bn) and that the deal values her company at $1bn (R17.28bn), making her a billionaire and the second in her family to sell part of her beauty business to Coty after Kylie Jenner.
Kim's response to the sale
The publication further reports that the deal is long-term and seeks to expand KKW Beauty products and the brand’s reach across the globe.
TMZ also reported that the deal has been in the works for months.
Kim said in a statement: “This relationship will allow me to focus on the creative elements that I'm so passionate about, while benefitting from the incredible resources of Coty and launching my products around the world.”
The news was further confirmed by Coty, who welcomed Kim via an Instagram post on Monday. It said the collaboration of its experience and Kim’s influence will build KKW into a beauty powerhouse.
View this post on Instagram
We are thrilled to welcome one of the most influential beauty icons to the Coty family: @kimkardashian West! 😍 With Kim’s influence and our deep expertise in prestige beauty we will build a beauty powerhouse and enter new beauty categories together. #Coty #CotyInc #Beauty
About KKW Beauty
KKW Beauty products include highlighters, contour, powders and eye shadow among others. The beauty company was launched in June 2017, according to Forbes. She started off selling creme contour kits for $48 (R830) on her website. In July 2018, only one year later, Kim was worth $350m (R6.05bn).
Richest member of the family
The sale has made Kim the richest member of the Kardashian-Jenner clan. The expansion of KKW beauty will see the brand add nail products, skin care, hair care and personal care products, according to Harper's Bazaar. Coty reportedly indicated in a statement that it will oversee the development of these products.