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On Monday, June 29, the beauty company announced it would partner with Kim Kardashian West to expand her KKW Beauty line into new categories, not limited to skincare, haircare, personal care or nail products.
Of course, that comes with a nice price: The brand will acquire a 20 percent stake in the KKW business for $200 million. Whew, baby.
In a statement, Peter Harf, Coty chairman, and chief executive officer said, “Kim is a true modern-day global icon. 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.”
West additionally added that the partnership “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,” per the statement. “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 Inc, the acquisition is expected to close in the third quarter of 2021.
If you’re thinking to yourself, “Well, hasn’t Coty done something with the Kardashian-Jenner family?” you’d absolutely be right. Just a few months ago, Coty acquired a 51 percent stake in the Kylie Jenner’s Kylie Cosmetics for a whopping $600 million.
We can’t wait to see what happens when you put one of the world’s largest beauty companies with one of the world’s most influential people (well, family).
If you found this post interesting, you should read about Kanye’s beauty trademark filing for Yeezy Beauty.
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