Coty strikes deal expanding Kim Kardashian West’s beauty business
Coty is expanding its relationship with the Kardashian-Jenner clan.
Just months after announcing it acquired a stake in Kylie Jenner’s Kylie Cosmetics, the beauty company is striking a deal with Kim Kardashian West.
Through their new partnership, Coty and Kardashian West will focus on expanding her beauty business globally by entering new beauty categories and growing her existing product lines.
Kardashian West and her team will lead all creative efforts in terms of product and communication initiatives, the company said.
“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,” Peter Harf, Coty chairman and chief executive officer, said. “This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”
In addition, Coty will acquire a 20% ownership interest in Kardashian West’s business for $200 million, under the terms of the agreement, as well as have overall responsibility for the portfolio’s development in skin care, hair care, personal care and nail products.
“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,” Kim Kardashian West said. “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 acquisition is expected to close during the third quarter of the fiscal year 2021, and the business’s products will be sold through leading luxury beauty retailers and owned digital channels.