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