Don't look now, but it appears Kim Kardashian West is knocking on the door of the billionaire's club and will likely be admitted to that exclusive club (which her husband already belongs to) in the not too distant future. One person who still isn't a billionaire is Kardashian's younger sister Kylie Jenner. The math with Kylie didn't add up, but Kim's financial situation certainly does. At 39 years old, Kim is within striking distance of the three comma club.
In recent news, Kim sold a 20% stake in her cosmetics company, KKW, to Coty for $200 million. This deal values KKW at an impressive $1 billion. Additionally, Kim is a veritable mogul, owning a mobile game titled "Kim Kardashian: Hollywood" and her shapewear brand, Skims. With her current net worth at $900 million, Kim is making strides in the business world.
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Kylie, on the other hand, had her billionaire status revoked after allegations arose about falsified tax returns to inflate her company's valuation for a deal with Coty. Her self-reported sales figures simply don't add up. While her lip kit was immensely popular at launch, interest has waned significantly, especially with the pandemic making lipstick and lip gloss less relevant.
Coty has fully invested in the Kardashian-Jenner family and their brands. In addition to KKW and Kylie Cosmetics, Coty owns other well-known brands like MaxFactor and CoverGirl. This partnership aims to revitalize Coty's sales, which have been struggling. The agreement with Kim includes the development of new products across categories such as skincare, haircare, and nail brands, as KKW currently focuses largely on highlighters.
In the press release announcing the deal, Coty referred to Kim Kardashian West as a "modern-day global icon." They are banking on leveraging Kim and Kylie's considerable social media presence to enhance their brand visibility. It was also revealed that a key executive from Coty has personal ties with Kris Jenner, gaining unprecedented access to the family. Kris Jenner holds an 8% stake in KKW, and the deal is expected to close in the third quarter of 2020. Following the news of this investment, Coty's shares increased by 10%.
Table of Contents
Biography of Kim Kardashian West
| Detail | Information |
|---|---|
| Name | Kim Kardashian West |
| Date of Birth | October 21, 1980 |
| Nationality | American |
| Profession | Media Personality, Businesswoman, Socialite |
| Net Worth | $900 million |
Business Deals and Ventures
Kim Kardashian West has successfully ventured into various business arenas. Her most notable ventures include her cosmetics line, KKW Beauty, and her shapewear line, Skims. The recent deal with Coty to sell a stake in KKW Beauty is a testament to her business acumen and marketability.
Alongside her business ventures, Kim has also made a name for herself in the entertainment industry. Her mobile game "Kim Kardashian: Hollywood" became a cultural phenomenon, earning her millions and further solidifying her place in pop culture.
Current Status and Future Prospects
As of now, Kim Kardashian West is poised to join the ranks of billionaires, with her financial strategies and business endeavors paving the way for her success. With KKW Beauty valued at $1 billion and her diverse portfolio, her future looks bright.
Kim's ability to adapt and innovate in the ever-changing landscape of beauty and fashion showcases her entrepreneurial spirit. As she continues to expand her brand and influence, it will be exciting to see how she navigates her path towards billionaire status.
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