Coty Inc. is making another investment within the Kardashian brand. The cosmetic company has announced that they are buying a 20-percent stake in Kim Kardashian’s KKW makeup line for $200 million.
As the New York Post explains, Coty will develop new products with KKW, including skincare, hair, and nail brands.
Peter Harf, Coty chairman and chief executive, spoke of the business venture in a recent statement, saying, “Kim is a true modern-day global icon.”
He adds, “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.”
The New York Post also mentions, “Coty will be doubling down on powerful social media brands to drive its growth, which has been struggling this past year due to a heavy debt load and diminished demand for its products.”
As reported, Coty, which also owns CoverGirl and Max Factor, recently purchased 51 percent of Kylie Jenner’s Kylie Cosmetics at a price tag of $600 million.