Another good news for fans and fashionistas in the New Year. Starting 2021 on a strong fashion note, global beauty giant Coty and Kim Kardashian West’s KKW Beauty announced a strategic collaboration. In an agreement finalized on Tuesday, the beauty mogul sold 20% of its stakes to the global beauty giant for $200mn with an aim to aid the 40-year-old reality star to expand its product lines.
"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 press release. "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,” she continued.
This strategic collaboration will witness Kim’s KKW Beauty branch out new lines including skincare as well as its foray into haircare, personal care and nail products. While Kim and her team will continue to remain the creative visionaries of the brand, Coty will focus on product developments.
"Kim shares our true passion for beauty products, and this acquisition allows us to leverage our respective strengths for mutual benefit and value creation," Coty CEO Sue Y. Nabi said. "Coty brings unique IP in skincare, the scientific knowledge of the skin as reflected in our formulation know-how, while Kim brings a huge global following and unparalleled influence over consumer choice."
Kim’s KKW becomes the second brand from the Kar-Jenner clan to be welcomed in the Coty family. In 2019, Kim’s half-sister Kylie Jenner sold 51% of her stakes to the global company for $600mn making her top Forbes’ list of highest-earning celebrities in 2020.
(Source- ET Online)
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