Reality star and businesswoman Kim Kardashian just made a major business deal. In an agreement that was finalized earlier today, the reality star sold 20 percent of her KKW Beauty company to Coty for $200 million.
Together, Coty and Kardashian will ‘focus on entering new beauty categories and global expansion beyond existing product lines,’ the statement read. This includes the development of her skincare line, which remains on track for an expected launch in fiscal year 2022.
Through the deal, which was first announced in June 2019, fans will see Kim’s company branch out to new areas, including the aforementioned skincare line, as well as further development of her existing products.
Kim and her team will remain the creative visionaries for the brand, while Coty will focus on product development with forays into haircare, personal care and nail products.
KKW Beauty started back in 2017.
Kim is the second in her family to sign a massive deal with Coty. In November 2019, Kylie Jenner, her sister sold 51 percent of her Kylie Cosmetics and Kylie Skin brands to the company for $600 million.