AceShowbiz - Kim Kardashian has kicked off 2021 with a $200 million (£147 million) windfall after selling off 20 per cent of her KKW Beauty brand to Coty executives.
The move comes a year after her sister Kylie Jenner sold 51 per cent of her Kylie Cosmetics and Kylie Skin brands to the company for $600 million (£440 million), becoming the highest paid celebrity of 2020 in the process.
Announcing the big sale on Tuesday (05Jan21), Kim said, "I'm so proud of how the KKW brand has grown over the past four years, and I look forward to working with Coty for the next phase of innovation, advancement, and the ability to bring new launches to customers all around the world."
"This relationship will allow me to lead the development of the creative elements that I specialize in, while benefiting from the incredible resources of an established company like Coty."
Coty CEO Sue Y. Nabi added, "Kim shares our true passion for beauty products, and this acquisition allows us to leverage our respective strengths for mutual benefit and value creation... Kim brings a huge global following and unparalleled influence over consumer choice."
Kylie Jenner was ranked first at Forbes' Highest-Paid Celebrities of 2020. In the past twelve months, she was estimated to have earned approximately $590 million.
While Kim Kardashian didn't make it to the top 10, her rapper husband Kanye West did. The hip-hop star occupied the second spot with $170 million, trailing behind sister-in-law Kylie.