- Robyn Turk
Coty has become a partial owner of Kim Kardashian West’s business.
THe global beauty company completed its acquisition of 20 percent of
the celebrity’s business for a purchase price of 200 million dollars.
This deal was first announced in June 2020.
In 2019, Coty acquired 51 percent ownership of the
beauty brand of Kardashian’s sister, Kylie Jenner.
With Coty’s support, Kardashian’s business will enter new beauty
categories and expand globally. This growth will include the
development of a skincare line, which is on track to launch in the
fiscal year 2022.
Kardashian and her team will continue to lead creative efforts
relating to product and communications, while Coty will manage
responsibilities for the portfolio’s development and leverage its
industry expertise to sustain growth.
“Kim shares our true passion for beauty products, and this
acquisition allows us to leverage our respective strengths for mutual
benefit and value creation,” Sue Y. Nabi, chief executive officer of
Coty, commented in a statement. “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. She has a unique ability to read the
latest beauty and wellness trends, while we have the expertise on
global product positioning, access to a vast global distribution
network, and the resources to enter new beauty categories.”