Kris Jenner officially has a new favourite daughter as Kim Kardashian has reportedly reached billionaire status, overtaking Kylie Jenner who was dethroned earlier this month.
Kim is reportedly 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 beauty brand 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” of Kim’s existing product lines which means skincare, haircare, personal care and nail products are coming.
The reality star 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 epic announcement 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.”
Kylie was recently stripped of her youngest self-made billionaire status when it was alleged that she had fudged her tax returns and inflated her personal wealth to reach billionaire status, when in fact she’s actually worth much less.
Forbes casually dropped an article earlier this month titled Inside Kylie Jenner’s Web of Lies—and Why She’s No Longer a Billionaire, that includes evidence that the makeup mogul lied about her earnings to become the youngest self-made billionaire and dethroned the beauty boss.
Kongrats Kim, you’re back in the lead again.