The 'Keeping Up with the Kardashians' star remains the majority stakeholder of her beauty empire although she sells a 20 percent stake in the business to the cosmetics giant.
- June 30, 2020
AceShowbiz - Kim Kardashian is worth $1 billion - according to a valuation from cosmetics giant Coty, who just secured a 20 percent stake in her KKW cosmetics empire.
The reality TV star and businesswoman founded the hugely successful KKW Beauty and KKW Fragrance empires, which have attracted the attention of Coty bosses, who forked out a massive $200 million (£163 million) for a 20 percent stake in the business.
The valuation, first reported by the Financial Times, puts Kim's worth at over $1 billion, with the "Keeping Up with the Kardashians" star remaining the majority stakeholder in the business.
According to TMZ, the deal is for a "longterm strategic partnership to launch products in new beauty categories and expand across the globe from top to bottom".
Kim told the publication: "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."
The star was recently sued by bosses at brand growth company Seed Beauty over fears the star could jeopardise their "trade secrets" by spilling their business practices to Coty.
The sale comes after Kim's sister Kylie Jenner also inked a deal with Coty, banking $600 million (£486 million) for a 51 percent stake of her Kylie Cosmetics business.
The valuation makes Kim the sole billionaire in her family, after Forbes revoked Kylie's previous title amid allegations she grossly inflated the value of her cosmetics company in doctored tax documents to swindle herself onto the magazine's prestigious billionaires list.
She has denied the claims.
