Kim Kardashian has sold a piece of her cosmetics line, KKW Beauty cosmetics, for $200 million to French beauty company Coty.
“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,” the 39-year-old reality star shared in a statement after selling off 20 percent of the company, per Yahoo.com in a piece published Monday. (RELATED: Kim Kardashian Pushes For Clemency For Oklahoma Inmate On Death Row)
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“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,” she added. (RELATED: Report: Khloe Kardashian Wants To Marry Tristan Thompson Following Cheating Accusations)
“Kim is a true modern day global icon,” Peter Harf, Coty Chairman and Chief Executive Officer, shared in a statement. “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,” he added.
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The deal is similar to one the “Keeping Up With The Kardashians” star’s sister, Kylie Jenner, made with Coty, per the BBC. Kim’s 22-year-old sister sold 51 percent of her cosmetics line to the company for $600 million. However, in this case Kardashian will maintain full creative control while Coty will take “overall responsibility” for driving up sales for the beauty products for the line she first launched in 2017.