Following last year’s news that Kim Kardashian West was officially selling a 20% stake in her cosmetics line to beauty giant, Coty, the US$200 million deal has finally been closed.
The acquisition is set to provide Coty with overall responsibility for KKW Beauty’s development of skin, hair and personal care products, as well as its nail portfolio.
“Kim shares our true passion for beauty products and this acquisition allows us to leverage our respective strengths for mutual benefit and value creation,” Coty CEO, Sue Y Nabi, said. “Coty brings unique IP in skincare, the scientific knowledge of the skin as reflected in our formulation know-how, while Kim brings a huge global following and unparalleled influence over consumer choice.
She has a unique ability to read the latest beauty and wellness trends, while we have the expertise on global product positioning, access to a vast global distribution network and the resources to enter new beauty categories. I look forward to working closely with Kim and her team and I’m excited by everything we will achieve together.”
In more exciting news, Cosmetics Business has reported that Coty also confirmed KKW Beauty’s highly-anticipated skincare line is on track to launch in fiscal year 2022.
Kardashian West added, “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.
This relationship will allow me to lead the development of the creative elements that I specialise in, while benefiting from the incredible resources of an established company like Coty.”