There’s nothing like a bit of sibling rivalry, especially when it comes to the Kardashians.
Kim Kardashian West, 39, has officially overtaken the wealth of her younger sister Kylie Jenner, 22, after a deal with Coty was announced.
Under the terms of the agreement, Coty will acquire a 20 per cent ownership interest in Kardashian West’s beauty business, KKW Beauty, for $200 million.
This values the brand at around $1 billion, making Kardashian West worth about $900 million, according to Forbes’ estimates.
Coty will have overall responsibility for the portfolio’s development in skincare, haircare, personal care and nail products.
In a statement release by the company, Kim commented: “Partnering with an established organisation like Coty will be instrumental in the advancement of my brands as their global reach allows for faster expansion so people around the world are able to experience new launches first hand. 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.”
In January, Coty acquired a 51 per cent stake in Kardashian West’s half-sister Kylie Jenner’s brands for $600 million.
Peter Harf, Coty chairman and chief executive officer, added, “Kim is a true modern day global icon. 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. This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”