Kim Kardashian is now a Billionaire After Selling part Of KKW Beauty
Kim Kardashian is now a billionaire, following a deal to sell 20 percent of her make-up brand KKW Beauty to American cosmetics giant Coty for 200 million dollars. This comes after the beauty conglomerate bought a 51% stake in Kylie Jenner’s cosmetics company, effectively making another member of the Kardashian family a billionaire.
Certainly exciting news for the Kardashian West family, but fans of the beauty brand should also be excited: there will not only be a new makeup line, but an added range of products from skin, hair to nails, and much more.
“With Kim’s influence and our deep expertise in prestige beauty we will build a beauty powerhouse and enter new beauty categories together,” announced Coty on Instagram.
Furthermore, a partnership with an established organisation such as Coty will allow KKW Beauty to advance further, reaching a global audience and allowing people from all over the world to to experience their new launches firsthand.
“[The partnership] will also allow me to focus on the creative elements that I’m so passionate about, while benefiting from Coty's incredible resources and launching my products worldwide, ”said Kim in an official statement, where Coty will have overall responsibility for the development of the portfolio of products for skin, hair, personal care and nails.
The deal is expected to close later this year, and it is not yet known when the new KKW products are due to be launched.
Kanye West also took to Twitter to congratulate his wife, stating in a sweet message that he was “so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire.”
This new investment also means that Kardashian West has overtaken her sister Kylie Jenner as the wealthiest in the family. Previously dubbed as the “youngest self-made billionaire ever,” the magazine retracted the moniker for Kylie soon after, after claiming that the financial filings released by Coty revealed that Kylie’s business is significantly smaller and much less profitable than reported.
