Kim Kardashian sells stake in her beauty brand for $200m

Reality TV actor and socialite has sealed a deal with the French beauty giant Coty

Entertainment Desk June 30, 2020
Kim Kardashian on Kanye West's Sunday Service in October, 2019. Source: Stefanie Keenan / Getty

Reality TV actor and socialite Kim Kardashian West has sold a $200m ($160m) stake in her cosmetics business to the French beauty giant Coty, reported BBC.

Kim said the deal would help her reach a bigger global audience but she would while keeping creative control. The social media star is one of the world's most popular personalities, with 300 million followers on her brand’s social media channels.

In January, Coty also bought a $600m stake in her half-sister Kylie Jenner's brands.

Like Kylie, Kim made her name with the reality TV show Keeping up with Kardashians which became a global hit in the late 2000s. She has since branched out and launched her first cosmetics range in 2017, which is already worth $1 billion according the terms of the Coty deal.

Under the agreement, Coty will take a 20% stake in KKW and take "overall responsibility" for driving up sales of its skin, hair and nail care products.

"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,” the outlet quoted Kim as saying.

The deal is being seen as a way for one of the world's largest beauty companies to revitalise its brand.

Last year, Coty launched a turnaround plan amid falling sales as an impact of Covid-19. Thus, it took a 51% controlling stake in Kylie’s brands, hoping to leverage her massive appeal on social media. According to sources, it has also bought the option to acquire a majority stake in Kim's brand at a later date, reported Financial Times.

Coty chairman and chief executive, Peter Harf said “Kardashian West was a true modern day global icon. 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."

The announcement of their deal comes a week after Kim’s husband – the rapper Kanye West – announced that his fashion brand Yeezy had signed a 10-year deal with the retailer Gap.

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