Kim Kardashian West is selling 20% stake in her cosmetic company KKW beauty to giant Coty for $200million. The deal values KKW at $1billion, making Kim Kardashian West worth about $900million, according to forbes estimate.
The acquisition which is set to close in the third quarter of fiscal year 2021, will leave Kardashian West the majority owner of KKW beauty, with an estimated 72% stake in the company, which is known for its colour cosmetics like contouring creams and highlighter. Forbes estimates that her mother, Kris Jenner, owns 8% of the business[neither Kardashian West nor Kris Jenner have responded to a request for comment about their stakes].
Earlier this year, Kardashian West's half-sister, Kylie Jenner, also inked a big deal with Coty, when sold 51% of her Kylie cosmetics at a valuation of $1.2billion. The deal left Jenner with a net worth of just under $900million. Both Kylie cosmetics and KKW beauty are among a number of brands including Anastasia Beverly Hills, Huda beauty and Glossier, that have received sky high valuation, thanks to their social media friendly marketing. Kim Kardashian is indeed a true modern day global icon.
don't forget to click on the like and follow buttons.
Thanks for reading.
Content created and supplied by: Entertainmentbay (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More