Coty is, once again, teaming up with a beauty mogul from the Kardashian-Jenner clan for serious brand expansion!
On Monday, June 29, the beauty giant announced that it’s teaming up with Kim Kardashian to help expand her KKW Beauty company. Coty is set to acquire 20 percent ownership of Kardashian’s brand for $200 million.
“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 founder said in a statement from Coty. “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 a press release, Coty will focus on developing new products in other beauty categories such as skincare, haircare, personal care and nails. The acquisition is expected to close in the third quarter of the 2021 fiscal year.
This announcement comes just five months after her younger sister Kylie Jenner sold 51 percent of the stakes in her empire Kylie Cosmetics for $600 million, making Coty that majority stakeholder.
“Kim is a true modern day global icon,” Coty chairman and chief executive officer Peter Harf said in the release. “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.”
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