Coty has announced that it has acquired a 20% stake in Kim Kardashian West’s beauty brand, KKW Beauty, for £200m.
Beauty giant Coty will have overall responsibility for growing the brand’s development in skincare, haircare, personal care and nail products. Kardashian West and her team will lead all creative efforts in terms of product and communications initiatives, building on her remarkable global reach capabilities through social media.
Peter Harf, Coty Chairman and Chief Executive Officer, added, “Kim is a true modern day global icon. She is a visionary, an entrepreneur, a mother, a philanthropist, and through social media has an unparalleled ability to connect with people around the world. This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”
Kim Kardashian West commented: “Partnering with an established organization like Coty will be instrumental in the advancement of my brands as their global reach allows for faster expansion so people around the world are able to experience new launches first hand. This relationship will allow me to focus on the creative elements that I’m so passionate about while benefiting from the incredible resources of Coty, and launching my products around the world.”
Coty is already in business with Kim’s half-sister, Kylie. In January 2020, it announced an acquisition of 51% of Kylie Cosmetics.
The addition to Coty’s portfolio is another step in the company’s renewed confidence in its beauty business and ongoing transformation into a more agile, focused company.