Kim Kardashian West could soon be the true billionaire of the Kardashian-Jenner family.
After signing a $ 200 million deal with Coty for a 20 percent stake in his beauty business KKW, the 39-year-old reality star and wife of music artist Kanye West is now only a kiss away from being a millionaire, according to the wealth tracker Forbes
Coty’s deal values four-year-old KKW Beauty at $ 1 billion, making Kardashian West, which also owns its own Skims girdle brand and mobile game “Kim Kardashian: Hollywood,” worth around $ 900 million, Forbes said.
If Kardashian West surpasses the billionaire hump, she will be the first daughter of Kris Jenner to be declared a billionaire. That status went to her younger sister Kylie Jenner and fellow makeup entrepreneur last year, but the financial magazine withdrew the title as part of an explosive May 29 report that accused Jenner of falsely inflating her wealth, including lying about her makeup sales.
“Kylie’s business is significantly smaller and less profitable than the family has spent years leading the cosmetic industry and the media, including Forbes, to believe,” Forbes said in the report.
The pouting tycoon questioned the report, which was based in part on financial disclosures Coty made about Jenner’s beauty brand Kylie Cosmetics, after CoverGirl owner MaxFactor took a majority stake last year for $ 600 million. .
And there’s no question that Coty is helping to enrich both sisters in an effort to increase her own sales.
The latest deal requires Coty to develop new products with Kardashian, including skin, hair and nail care brands. KKW is mainly known for its cosmetics and color markers.
“Kim is a true global icon today. She is a visionary, a businesswoman, a mother, a philanthropist and, through social media, has an unrivaled ability to connect with people from all over the world, “said Peter Harf, President and CEO of Coty, in a statement. . “This influence, combined with Coty’s leadership and deep experience in prestigious beauty, will allow us to achieve the full potential of its brands.”
Harf said Coty, which owns the CoverGirl and Max Factor brands, has doubled up on powerful social media brands to fuel its growth, which it has been struggling for the past year due to a large debt load and lower demand for its products.
Harf showed his hand earlier this month when he told investors that he and Kris Jenner, the mother of Kim and Kylie, are “good friends” and that he had access to the family, resulting in a regulatory filing that reveals Coty was in talks with Kim Kardashian Kris Jenner has an 8 percent stake in KKW, according to Forbes.
Coty shares recently traded 10 percent at $ 4.60 a share.
The KKW deal is expected to close in the third quarter, Coty said.
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