Coty Inc., the global beauty conglomerate that in 2019 bought a 51% stake in Kylie Jenner’s cosmetics company, has just made another member of her family a billionaire.
According to TMZ, the company has signed a $200 million deal with Kim Kardashian for a 20% stake in KKW Beauty, meaning Coty has valued the reality star’s cosmetics brand at $1 billion.
Sources told the outlet that this is intended to be a long-term strategic partnership, with Coty acting as a licensee for skin, hair, personal, and nail products.
They said the plan is to launch products in new categories while also pursuing global expansion.
Coty is the same company that previously purchased a 51% stake in Kylie Cosmetics for $600 million, leading Forbes to name Jenner the “youngest self-made billionaire ever.” But the magazine recently retracted that moniker after claiming financial filings released by Coty revealed that “Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.”