Kanye West expressed his pride for his wife Kim Kardashian West on the heels of her latest business deal, which he claims has led to her “officially becoming a billionaire.”
“I am so proud of my beautiful wife Kim kardashian West for officially becoming a billionaire,” West tweeted on Monday. “You’ve weathered the craziest storms and now God is shining on you and our family.”
The 43-year-old rapper also declared in the tweet “so blessed this is still life / So I made you this still life.” A photograph of a the “still life” West created for his wife was attached, featuring various foods and flowers.
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
Despite pandemic, MTV VMAs to take place August 30 in Brooklyn; Kim kardashian West sells stake in beauty brand for $200M; Dr. Dre’s wife of 24 years, Nicole Young, files for divorce. (June 30)
Video Transcript
LIZZIE KNIGHT: “AP ShowBiz Minute.” The 2020 MTV Video Music Awards will still go ahead despite the coronavirus pandemi
Kim West’s Beauty Brand Valued at $1 Billion After Selling Stake
(NEW YORK) — Kim kardashian West is selling a stake in her beauty brand for $200 million, in a deal that values the TV reality star’s three-year-old business at $1 billion.
The buyer is Covergirl owner Coty Inc., which will get a 20% stake in KKW Beauty. Coty seems to be enamored with the kardashians: Last year, it bought a 51% stake in the makeup line started by kardashian West’s younger sister, Kylie Jenner.
“Kim is a true modern day global icon,” said Coty CEO Peter Harf, which is similar to what he said about Jenner in November.
kardashian West, who stars on the long-running reality TV show “Keeping Up with the kardashians,” founded KKW Beauty in 2017 and tapped into her hundreds of millions of social media followers to sell lip gloss, body foundation and perfume.
The 39-year-old will still promote KKW Beauty online and will help create new produ
Kim Kardashian West – the media mogul behind brands KKW Beauty, KKW fragrance and SKIMS shapewear – sold a stake in her beauty brand to Coty for $200 million,in a deal that values the TV reality star’s three-year-old business at $1 billion.
In this new partnership, Coty will own 20% of KKW Beauty.
“We are thrilled to welcome one of the most influential beauty icons to the Coty family: @kimkardashian West!” the beauty company wrote on Instagram Monday. “With Kim’s influence and our deep expertise in prestige beauty we will build a beauty powerhouse and enter new beauty categories together.”
Coty, the multinational company that owns CoverGirl, Tiffany & Co. and Balenciaga among other notable beauty and fashion brands, bought 51% of Kylie Cosmetics for $600 million in 2019.
“I am so proud of my beautiful wife Kim kardashian West for officially becoming a billionaire,” West tweeted. “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.”
But, not so fast. Forbes estimates kardashian West’s net worth at about $900 million.
kardashian West, who stars on the long-running reality TV show “Keeping Up With the kardashians,” founded KKW Beauty in 2017 and tapped into her hundreds of millions of social media followers to se
Now that Kylie Jenner’sbeen deemed a non-billionaire by the Rich People Gatekeepers (Forbes), the Jenner/kardashian clan needs yet another way to stay relevant. Don’t worry, they already found it.
The New York Postreports that Kim kardashian-West just sold Coty—which owns Rimmel, Max Factor, OPI, and other major makeup brands—a 20 percent stake in KKW, her beauty company. Coty reportedly values KKW at $1 billion, which makes kardashian-West worth about $900 million herself. So close!
There is a dramatic twist: Coty also owns a majority stake in Kylie Jenner’s Kylie Cosmetics brand, and according to the Post, the financial disclosures Jenner had to make for the deal were what got her kicked off the Forbes billionaire list in the first place. Forbes found Jenner had been lying abut her company’s worth for years, and is only worth a few hundred million. They announced Jenner’s new non-billionaire status last month, whereupon I assume the Money Army kicked down her door and confiscated her caviar.
Anyway, I look forward to spending the next 10 years arguing over whether or not Kim K. is “self-made.” [New York Post]
Just in time for Pride, Hairspray star Nikki Blonsky has come out as gay. She made the announcement via a very cute TikTok:
Also out this week: Orange Is the New Black’s Taylor Schilling, who announced that she’s dating visual artist Emily Ritz. Schilling reposted an Instagram story Ritz took of them, with a photo captioned, “I couldn’t be more proud to be by your side @tayjschilling. Happy Pride!” She also posted an homage to black transgender activist Marsha P. Johnson:
Pride is, as always, a very nice time to celebrate love 🙂 [Page Six]
Uber has reportedly made an offer to acquire San Francisco-based delivery service Postmates.
According to sources, the two companies are still in talks but could reach an agreement as early as July 6. Uber’s purchase of the startup could reinforce the Uber Eats business during this time of restaurant closures and lockdowns,
Coty purchased a majority stake in Kylie Cosmetics earlier this year at a valuation of $1.2 billion
Getty Images
Seed Beauty—the company that exclusively manufactures products for Kylie Jenner’s Kylie Cosmetics—has filed a suit against Coty, the majority owner of Kylie Cosmetics, and King Kylie, the LLC behind Kylie Cosmetics, seeking to prevent the misappropriation of trade secrets. The civil suit, filed June 30 in California’s superior court, alleges that Kylie Cosmetics knowingly shared Seed Beauty’s trade secrets and Coty knowingly accepted them.
According to the complaint, Kylie Cosmetics knowingly disclosed Seed’s trade secrets—confidential intellectual property—with Coty, the beauty giant that also owns CoverGirl, Rimmel and Sally Hansen, among other brands. While the highly redacted document doesn’t specify the secrets that Seed doesn’t want shared, they could include information on product formulation, information about the business’ core operations and the structure of its partnerships.
“Coty made a $600 million investment in King Kylie, but it really was a subterfuge to learn Seed’s confidential business methodologies,” the suit claims. “Any competitor who acquired such information would be given an unfair competitive advantage.”
Seed alleges that it asked Kylie Cosmetics numerous times over the course of Kylie’s negotiations with Coty, which were rumored to have begun in June 2019, not to share certain parts of the Seed-Kylie Cosmetics agreement. According to the suit, Jenner and her team refused to confirm or deny whether they had shared the information. Jenner sold 51% of Kylie Cosmetics to Coty for $600 million, in a deal that closed in January. Since then, the company has given Coty extensive exposure to Seed’s trade secrets, the suit claims, adding that using such information would be an infringement of their intellectual property rights. The suit also alleges that Seed asked Coty not to ask for, or use, these trade secrets, but Coty similarly refused to assure Seed that it wouldn’t.
Seed is asking the court to permanently bar Kylie Cosmetics from disclosing Seed’s trade secrets, force Coty to promise not to use any information it has already received and prevent Coty from developing any color cosmet
Kanye West posted a picture of vegetables on Twitter Monday to congratulate his wife Kim kardashian West for “officially becoming a billionaire,” after news broke about the deal between her cosmetics company KKW Beauty and retail giant Coty — though Forbes estimates kardashian West remains just shy of billionaire status, worth $900 million.
Kim kardashian West and Kanye West at the 2020 Vanity Fair Oscar Party.
AFP via Getty Images
KEY FACTS
Coty announced Monday that it acquired a 20% stake in KKW Beauty for $200 million, valuing the company at $1 billion.
Forbes estimates the deal, set to close in early 2021, leaves kardashian West as the majority owner of KKW Beauty with a 72% stake in the company and that kardashian West’s mother and manager Kris Jenner owns 8%.
She’s worth $900 million following the deal’s close, Forbes estimates.
“So blessed this is still life,” West tweeted saying that the vegetable arrangement he made was a still life.
kardashian West hasn’t tweeted about the deal yet, but on Monday she tweeted that she was “so blessed and forever grateful.”
big number
$1 billion.kardashian West isn’t estimated to be part of the six comma club yet, but Forbesreported in April that West is “officially a billionaire” and that “he really wants the world to know.”
tangent
kardashian West’s half-sister Kylie Jenner signed a deal with Coty in January. She sold 51% of her Kylie Cosmetics at a valuation of $1.2 billion. Forbes reports that the deal left her with a net worth of just under $900 million. Jenner topped this year’s Celebrity 100 list of the world’s highest-paid celebrities alongside brother-in-law West. Jenner and West brought in $590 million and $170 million, respectively. Last week, West inked a deal between his Yeezy fashion brand and Gap Inc. — “Yeezy Gap” will be in stores and online in 2021.
Coty Inc. provided details about the strategic partnership in a press release, stating that together, the company and Kim will “focus on entering new beauty categories and global expansion” beyond KKW’s existing product lines. This means development in skincare, haircare, personal care and nail p
