Kim Kardashian sells 20% stake of her KKW beauty company

Kim Kardashian sells 20% stake of her KKW beauty company Ireland

Kim Kardashian sells 20% stake of her KKW beauty company

Kim Kardashian sells 20% stake of her KKW beauty company

In Irish fashion news, Kim Kardashian West has just sold a twenty percent stake in her KKW Beauty company for a whopping $200 million dollars.

The global socialite who turned 40 last October sold her state to Coty for a cool $200 dollars on Tuesday 5th January 2021 to Coty Inc. who are an American multinational beauty company.

This strategic move by Kim will allow for further development of the Coty x KKW brand with hopes to add new products and categories to her existing range.

In a media statement released by the Keeping Up With the Kardashians star, Kim commented that she is extremely proud of her KKW brand which has been 4 years in the making.

The Californian entrepreneur confirmed that she is looking forward to developing her relationship with Coty for the next phase of the journey which includes innovation, advancement of her range as well as the ability to bring new launches to customer across the globe.

She said” This relationship will allow me to lead the development of the creative elements that I specialise in, while benefiting from the incredible resources of an established company like Coty.”

Sue Y. Nabi, of Coty also commented that Kardashian shares the same passion about beauty as her own company. She also believes this acquisition allows both Coty and KKW Beauty to use both their strengths for the mutual benefit of the brand.

Sue said “Coty brings unique IP in skincare, the scientific knowledge of the skin as reflected in our formulation know-how, while Kim brings a huge global following and unparalleled influence over consumer choice.”

Peter Harf who is the chairman and CEO of Coty added, “Kim is 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. This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”

This new partnership will see Kim retain her role as chief creator for the KKW Beauty brand with her current team. Coty already own a 51% majority stake hold in Kim’s half-sister Kylie’s beauty brands.

 

Kim Kardashian sells 20% stake of her KKW beauty company

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