Now Kim apos;s A BILLIONAIRE Coty Inc Splashes Out 200m On Beauty Empire
Kim Kardashian's beauty brand, KKW, kynghidongduong.vn has been valued at a billion dollars, tour thác bản giốc with the mogul now overtaking the wealth of her younger sister Kylie Jenner.
The mogul, 39, has just inked a deal with Coty Inc.
to sell a 20 per cent stake in the company, which sells make-up and fragrances, for $200million.
The deal is for a 'long-term strategic partnership to launch products in new beauty categories and expand across the globe from top to bottom', [ ]reports.
Now Kim's a BILLIONAIRE!
Coty Inc has splashed out $200m on 20 per cent of Kardashian's beauty empire as she overtakes sister Kylie Jenner in the wealth stakes (stock image)
Sources have also told the site that Coty acts as a licensee for skin, hair, personal and nail products.
If the company have paid $200million for one fifth of the brand, that means they value the whole company at a billion dollars.
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This means that Kim has overtaken her sister Kylie, 22, in the wealth stakes as her wealth is thought to be at $900-950million.
She had been listed as a 'self-made billionaire' by Forbes, but they denounced her title, angering her by accusing her of inflating figures and 'forging' tax returns for the makeup mogul's cosmetics company.
Not happy: The latest news comes after Kylie's wealth was estimated at around $900-950million as Forbes stripped her of her 'self-made billionaire' title
Coty bought a majority stake in Kylie's beauty company, (51 per cent) in 2019, for $600million, whereas Kim will still be in charge of her company.
TMZ also reported that Kim and her team have been working out the deal with Coty for months.
Kim 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.'
Kim's beauty company was recently sued by Seeds Beauty because they were reportedly worried she would spill trade secrets to Coty.
Something to say: Kylie recently hit back at Forbes after it published a report claiming that the Jenners and their PR team inflated figures for Kylie Cosmetics
Last month, Kylie slammed Forbes after the publication released a bombshell report accusing her of inflating figures and 'forging' tax returns for the makeup mogul's cosmetics company.
It appeared the reality star was taken by surprise at the [ ][ ]named Kylie the world's youngest self-made billionaire in 2019 and again in 2020, and of her surprise over their latest article she wrote on Twitter: 'What am i even waking up to.
i thought this was a reputable site.
'All i see are a number of inaccurate statements and unproven assumptions lol. i've never asked for tour thác bản giốc any title or tried to lie my way there EVER. period'
'Inaccurate statements': Kylie appeared shocked by the Forbes article that claimed her family created a 'web of lies' so she could be crowned the youngest billionaire
She followed up with a quote from the Forbes report that accused the Jenners and their accountant of producing false tax returns.
'"Even creating tax returns that were likely forged" that's your proof?
so you just THOUGHT they were forged? like actually what am i reading.' Kylie tweeted incredulously.
She followed up with another post focusing on the positive, 'but okay i am blessed beyond my years, i have a beautiful daughter, and a successful business and i'm doing perfectly fine.'
The publication accused Kylie of 'lying about company figures and forging tax returns' to be dubbed a billionaire.
Report: Kylie is not a billionaire, Forbes claimed.
They accused the 'self-made' makeup mogul, 22, of spinning 'a web of lies' about company figures and 'forging tax returns'
