More good news for the Kar-Jenner clan, as one sister is making waves for her latest business deal...
According to Forbes, Kim Kardashian West has agreed to sell 20 per cent of stakes in her cosmetics company KKW Beauty to American beauty giant Coty for $200 million (approx. Dhs735 million), resulting in the second major 'KarJenner' cash out in less than a year (younger sister Kylie Jenner sold 51 per cent of stakes in Kylie Cosmetics to Coty in early 2020.)
Kim will still be the majority owner of KKW Beauty, with an estimated 72 per cent stake in the beauty empire. She will remain in charge of all creative aspects, while Coty will focus on expansion and product development.
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“Everything about this collection is so special to me; the packaging, the beautiful versatile shades and the name, of course! Not only can you create the most beautiful glam looks with these products, but I love the idea that the memories from the happiest day of my life are celebrated in this collection.” – @kimkardashian. Shop the Mrs. West Collection now at ULTA.COM @zacharyspencer
As KKW Beauty has been valued at $1 billion (approx. Dhs3.7 billion), the acquisition – which is set to close in early 2021 – will be making Kim's worth an approximate $900 million, according to Forbes’ estimates.
What's more? It seems that the agreement with Coty will include the cosmetics line’s expansion into other horizons, but the details of what that could be have yet to be announced.
Lead image courtesy of Instagram/kimkardashian