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."