Following in the footsteps of her sister, Kylie Jenner, and husband, Kanye West, Kim Kardashian West is now reportedly a billionaire. Exemplifying her astute business acumen in a deal with Coty Inc, a beauty conglomerate that manufactures, markets, and distributes fragrances, cosmetics, skin and nail care, the reality star and entrepreneur sold a stake in her beauty label for an estimated value of USD 1 billion.
Taking to Instagram on Monday to confirm the deal, Coty Inc wrote “We are thrilled to welcome one of the most influential beauty icons to the Coty family: @kimkardashian West! With Kim’s influence and our deep expertise in prestige beauty we will build a beauty powerhouse and enter new beauty categories together.”
Also taking to Twitter to confirm his wife’s new billionaire status, Kanye West wrote “I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire.” Alongside a somewhat abstract photo of garden vegetables and flowers, the rapper wrote, “You’ve weathered the craziest storms and now God is shining on you and our family. So blessed this is still life. So I made you this still life. We love you so much.”
I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire
You’ve weathered the craziest storms and now God is shining on you and our family
So blessed this is still life
So I made you this still life
We love you so much pic.twitter.com/Vvtgzodnah
— ye (@kanyewest) June 30, 2020
With a name that dominates much of the beauty industry, Coty Inc is one of the largest beauty conglomerates in the world. Raking in over USD 9 billion in revenue annually, the company has acquired over 80 brands since it’s conception in the early 20th century. In acquiring part of Kardashian-West’s beauty label, the company will assume overall responsibility for its development in skincare, haircare, personal care, and nail products, while also focusing on the global expansion and ongoing evolution of the brand.
“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,” said Kardashian-West in a 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.”