After Kylie Cosmetics, Coty Inc. will be roping 20% ownership in Kim Kardashian West’s beauty business
Keeping global expansion at the forefront, Coty Inc. and Kim Kardashian West will be entering a strategic business deal. Coty Inc., the beauty giant, is set to buy 20% stake in the reality TV star’s beauty business at a whopping amount of $200 million. This deal puts a valuation of $1 billion on the company.
Not long ago, Coty acquired a 51% stake in Kim K’s half-sister Kylie Jenner’s brands. Without any doubt, this is another huge step for Coty Inc. who has been finding ways to transform its beauty business.
The big guns!
The deal enfolds an overall responsibility for KKW’s product development, right from skin care, hair care, personal care to nail products, as well as global expansion plans. Along with it, the products are set to be sold through luxury beauty retailers and owned digital channels. Talking about the creative efforts in terms of product and communications initiatives, it will be handled by Kim K and her team. The acquisition is expected to close in the third quarter of FY21.
Kardashian West noted, “Partnering with an established organization like Coty will be instrumental in the advancement of my brands as their global reach allows for faster expansion so people around the world are able to experience new launches first hand. 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.”