Recall that her sister, Kylie Jenner sold a 51% stake in her beauty company, Kylie Cosmetics to the same French beauty brand, Coty in a $600 million deal.
According to the Financial Times, Coty valued Kim’s company at 1 billion dollars, 200 million dollars lower than they did her sister, Kylie’s when they purchased a stake in her’s.
In addition to this deal, an insider told Financial Times that although Coty bought a minority stake in KKW Cosmetics, the company also has the option to purchase a larger stake in the future.
Coty is doing this in order to take the company in a new direction in the coming years.
Simona Cattaneo, president of Coty luxury brands, said the deal would help accelerate changes at the company.
She said: “Coty is committed to becoming more focused and strategic as it transforms over the coming weeks and months.”
Interestingly, this is coming only a few days after Kanye West announced a new deal with Gap.
Hope they don’t come back after 6 months and tell us the valuation was a mistake like kylie.
Family of billionaires! Congratulations to Kim!