Kim Kardashian becomes a 'billionaire' after Kylie Jenner is stripped of title
30 June 2020, 11:26
Kim Kardashian-West has reportedly achieved billionaire status after selling a $200 million stake in her cosmetics brand KKW Beauty to the beauty company Coty.
Kim Kardashian has reportedly become a billionaire after selling one fifth of her beauty brand, KKW Beauty, to French beauty giant Coty for $200 million.
Three years after launching her cosmetics company back in 2017, Kim has sold a twenty percent stake of the brand to Coty, who famously purchased a majority stake in sister Kylie Jenner's brand, Kylie Cosmetics, last year.
Coty paid $600 million for 51% of Kylie's company, which launched the 22-year-old's net worth at the time to $1.2 billion. However, Forbes later accused Jenner of 'forging' tax returns and inflating figures, and estimated her net worth to be closer to $950 million.
Meanwhile, Kim's latest deal values KKW Beauty at around $1 billion, meaning that the 39-year-old mother-of-four could be well surpassing the billion dollar mark thanks to her other bunnies ventures like Skims and Keeping Up With The Kardashians.
In a statement, Kim said: "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."
Peter Hard, Chairman of Coty, said: "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."
Kim's husband Kanye West, who is also listed as a billionaire by Forbes, took to Twitter to congratulate his wife.
"I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,"he wrote. "You've weathered the craziest storms and now God is shining on yogis u and our family."
"So blessed this is still life, so I made you this still life, we love you so much."