Coty has agreed to buy a 20 percent stake in Kim Kardashian West’s make-up brand KKW for $200m, just months after the American multinational beauty company closed a $600m deal with her sister, Kylie Jenner.
According to the Financial Times, the deal values Kim’s cosmetics company at $1bn, slightly lower than the $1.2 billion valuations Coty put on West’s half-sister Kylie Jenner’s business when it bought a 51 percent stake last year.
By buying only a minority stake in KKW this time, Coty does have the option to later acquire a majority stake in KKW, said one of the people familiar with the deal terms.
Simona Cattaneo, president of Coty luxury brands, said the deal would help accelerate changes at the company: “Coty is committed to becoming more focused and strategic as it transforms over the coming weeks and months.”
The announcement comes days after Kim’s husband Kanye West revealed that his fashion brand Yeezy had signed a 10-year deal with Gap.
(Visited 1 times, 1 visits today)