UPDATE: Kim Kardashian is officially $200 million richer. The E! star has closed a deal selling 20 percent of her KKW Beauty brand to Coty Inc. for a whopping $200 million, E! News confirms.
"I'm so proud of how the KKW brand has grown over the past four years, and I look forward to working with Coty for the next phase of innovation, advancement, and the ability to bring new launches to customers all around the world," Kim said in a statement on Jan. 5. "This relationship will allow me to lead the development of the creative elements that I specialize in, while benefiting from the incredible resources of an established company like Coty."
Kim Kardashian's business just keeps getting better and better!
The mogul is selling a 20 percent stake in KKW Beauty to Coty Inc.—home to some of the world's largest beauty brands like CoverGirl, Sally Hansen and OPI—for $200 million in a deal that values the famed cosmetics company at $1 billion, according to the Financial Times.
Coty Inc. made the announcement about the strategic partnership on Monday, stating in a press release that together, they will "focus on entering new beauty categories and global expansion" beyond Kim's existing product lines. This means development in skincare, haircare, personal care and nail products!
As for Kim's role, she and her team "will lead all creative efforts in terms of product and communications initiatives, building on her remarkable global reach capabilities through social media," the statement continued.
The move comes just months after Coty made a separate deal with Kim's sister, Kylie Jenner: a 51 percent stake in the 22-year-old's makeup company, Kylie Cosmetics, for $600 million.
Though Coty acquired a majority stake of Kylie Cosmetics, even with the new partnership, Kim remains the majority owner of KKW Beauty.
"Kim is a true modern day global icon," Coty's Chairman and CEO Peter Harf said 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."
Kim also issued a statement on the deal, per Coty's press release: "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 Keeping Up With the Kardashians star continued, "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."
According to Coty, the acquisition is expected to close in the summer of 2021.
(Originally published June 29, 2020 at 10:25 a.m. PT)