Move over, Kylie Jenner — your older sister wants in on the action!
Kim Kardashian West just crossed the billion-dollar mark in the business world, inking a deal with a very familiar (and very large) beauty investor on a nine-figure investment. Mother, lawyer, TV star, billionaire business mogul… this woman truly does it all!
According to TMZ, Kim’s KKW Beauty received a $200 million investment from Coty Inc. in exchange for a 20% stake in the company. Do the math, Shark Tank fans, and you’ll find that works out to a cool $1 BILLION in valuation based on Coty’s investment. WHOA! She truly is following in her younger half-sister’s footsteps!
Apparently, the deal is for “a long-term strategic partnership” to produce new products in new beauty categories, and keep expanding Kim’s biz around the world. Obviously, $200 million in cold, hard cash will go a LONG way to doing things like that, as well as keeping inventory up after inevitable product sell-outs, and more. Coty will reportedly also help act as a licensee for skin, hair, and nail products as part of the deal, according to insiders.
The deal here may seem sudden — and even somewhat surprising considering the bad economy amid the coronavirus pandemic — but Kim and her team have apparently been working out an agreement for months now. For the readers feeling déjà vu, Coty is also the brand behind that infamous $600 million stake purchased in sis Kylie’s beauty line, too, so there’s clearly some familiarity here. There is one big difference, though: Kim only gave up 20% of her biz and remains majority stakeholder. Power moves…
The momma of four released a statement about the deal, saying:
“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.”
Yeah, no kidding… $200 million worth of “incredible resources” would allow us to be as creative as we wanted, too! LOLz!!!
There are still some loose ends to tie, up, and TMZ reports the Coty transaction won’t officially close until the third quarter of 2021, but without question, this is a HUGE moment for Kim and her fam. Say what you want about the Kardashians, and there’s plenty to criticize, but they sure know how to GET PAID!
What do U think about another mega-sized beauty deal here, Perezcious readers?? Are Kim and Kylie truly taking over the beauty market once and for all? What’s next for the KarJenner empire?? Think Kimmie provided allegedly fake tax returns, too, that will only get exposed by another Forbes roundup?
Sound OFF with your takedown in the comments (below)…
[Image via WENN/Avalon]