Kim Kardashian West joins her husband Kanye West in the billionaire’s club, after Coty spent USD$200 million for a 20 percent stake in her KKW Beauty empire, which includes cosmetics and fragrance.
According to WWD, the partnership will see KKW Beauty expanding into categories that Kardashian West hasn’t yet entered, with skincare as the initial focus followed by personal-care products, hair care, nail and more.
It’s not the first time Coty is inking a deal with the Kardashian clan though. Last November, Coty bought a 51 percent stake in Kylie Cosmetics for USD$600 million, leading Forbes to declare Kylie Jenner the “youngest self-made billionaire ever” on a cover. But soon after an unexpected turn of events, Forbes revoked Kylie’s “billionaire” title in tandem with an article that accused the beauty mogul for forging her tax returns and lying about Kylie Cosmetics’ yearly earnings.
Now that the latest investment by Coty implies a USD$1 billion valuation for KKW Beauty, Kardashian West is overtaking the wealth of her younger sister. Kim’s husband, Kanye West who has also recently become a billionaire —thanks to his Yeezy sneaker empire, took to Twitter to offer his congratulations to her wife:
I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire
You’ve weathered the craziest storms and now God is shining on you and our family
So blessed this is still life So I made you this still life