Coty to buy 20% stake in Kim Kardashian West's beauty line: Report
The deal values West's cosmetics company at $1 billion
Coty Inc has agreed to buy a 20% stake in reality TV star Kim Kardashian West's makeup brand KKW for $200 mln, the Financial Times reported on Monday, citing people familiar with the matter.
The deal values West's cosmetics company at $1 billion, slightly lower than the $1.2 billion valuation Coty put on West's half sister Kylie Jenner's business, the report said.
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Earlier this month, Coty disclosed that it was in talks with West over a potential collaboration for the beauty line.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COTY | COTY INC. | 11.28 | +0.13 | +1.17% |
The company has a majority stake in Jenner's makeup and skincare line, which it bought last year for $600 million.
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West, who is known for chronicling her life with her sisters on TV's "Keeping Up with the Kardashians," launched her own makeup line in 2017, two years after Jenner's successful foray into the beauty industry.
Coty did not immediately respond to Reuters' request for comment after office hours.
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(Reporting by Maria Ponnezhath in Bengaluru; Editing by Devika Syamnath)