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Following a deal worth $200 million with cosmetic giant Coty Inc (NYSE: COTY), Kim Kardashian may soon become the first real billionaire in the Jenner family.
The social media presence and popularity of reality TV star Kim Kardashian West is about to have one of the biggest payoffs of all time. The media star’s beauty line KKW has secured a $200 million deal with Coty who will control a 20% stake in the company’s shares. The Coty deal has further increased the networth making Kardashian a few million away from being a billionaire.
Coty Inc (NYSE: COTY) is one of the world’s largest beauty companies with an iconic portfolio of brands across fragrance, color cosmetics, hair color and styling, and skin and body care. Coty is the global leader in fragrance, a strong number two in professional hair color & styling, and number three in color cosmetics. The company’s new deal with Kim Kardashian West has spiked an upturn in its stock value which closed at $4.74 (13.40%) on Monday adding +0.56.
Kim Kardashian’s Rise to Stardom and Business Venture
Kim Kardashian West is an American media personality, socialite, model, businesswoman, and actress. Kardashian first gained media attention as a friend and stylist of Paris Hilton but received wider notice after a 2002 sex tape, Kim Kardashian, Superstar, with her then-boyfriend Ray J was released in 2007. Later that year, she and her family began to appear in the E! reality television series Keeping Up with the Kardashians (2007–present). Its success soon led to the creation of spin-offs including Kourtney and Kim Take New York (2011–2012) and Kourtney and Kim Take Miami (2009–2013).
Kim’s ingenuity was at play as she directed her fame into establishing a business brand with a niche in beauty products. In 2017 She established KKW Beauty and KKW Fragrance. In 2019 she launched Skims which was previously called Kimono but the name was changed due to immediate backlash. Kim Kardashian’s beauty products have attracted interest by lots of investors of which Coty is the most recent.
Coty Deal with Kardashian
The deal will afford both Coty and Kim Kardashian a room to forge new ventures in the beauty industry.
The official announcement reads:
“Together, Coty and Kardashian West will focus on entering new beauty categories and global expansion beyond her existing product lines. 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.”
Kim Kardashian is estimated to have about 300 million followers on her social media handles, a large enough audience to help Coty expand their customer base. Coty will have overall responsibility for the portfolio’s development in skincare, haircare, personal care, and nail products, leveraging its deep understanding of the industry and its commercial and go-to-market expertise. Through the relationship, each party will leverage its unique strengths to further build a high growth, direct-to-consumer beauty brand.
Kim Is a Closer Inch to a Billion-Dollar Valuation
The Kardashian sisters are known as influencers who have succeeded in leveraging their popularity in building a business brand that has impacted their overall net worth. While Kylie Jenner, Kim’s half sister’s business also ranks high in terms of valuation, Kim is closer to hitting $1 billion valuations than any other in the Jenner family.
As reported by New York Post, the status of the first real billionaire in the Jenner family will go to Kim Kardashian as the first recognized self-made billionaire in the family Kylie Jenner has been reportedly inflating her wealth.