Coty is deepening its ties with the Kardashian-Jenner beauty empire.
On Monday, the beauty company announced it will partner with Kim Kardashian West to expand her KKW Beauty line into new categories (such as skin care, hair care, personal care and nail products) and grow the brand internationally. It will also acquire a 20% stake in the business for $200 million. The deal is expected to close in Q3 of fiscal year 2021.
In a statement, Peter Harf, Coty chairman and chief executive officer, 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. This influence, combined with Coty's leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands."
According to Kardashian West, this partnership "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," per the statement. "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."
This deal comes months after Coty revealed it had acquired a 51% stake in her sister Kylie Jenner's beauty line, Kylie Cosmetics, for $600 million. Whispers of a KKW Beauty partnership began circling earlier this month; not long after, Seed Beauty, the manufacturer that helped launch Kardashian West's beauty line, filed a lawsuit to prevent KKW Beauty from revealing trade secrets to Coty, should the partnership become official, WWD reported.