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Move onto Kylie Jenner and Kanye West. There may be a new billionaire in the family.

Kim Kardashian West – the media mogul behind the brands KKW Beauty, KKW fragrance and SKIMS shapewear – sold a share of her beauty brand to Coty for $ 200 million,in an agreement that enhances the three-year business of the TV reality star for $ 1 billion.

In this new partnership, Coty will own 20% of KKW Beauty.

“We are excited to welcome one of the most influential beauty icons in the Coty family: @kimkardashian West!” the beauty company wrote on Instagram on Monday. “With Kim’s influence and our profound experience in prestige beauty we will build a beauty center and enter new categories of beauty together.”

Coty, the multinational company that owns CoverGirl, Tiffany & Co. and Balenciaga, among other major beauty and fashion brands, purchased 51% of Kylie Cosmetics for $ 600 million in 2019.

Coty: Kylie Jenner sells the majority of the beauty company for $ 600 million

Kim Kardashian West is selling a stake in her beauty brand for $ 200 million, in an agreement that enhances the three-year business of the reality TV star for $ 1 billion. (Photo: Seth Wenig, AP)

Nobody was more proud of Kardashian West’s alleged billionaire status than her husband, Kanye West, who was himself a billionaire from Forbes in April.

“I am so proud of my beautiful wife Kim Kardashian West to officially become a billionaire”, west tweeted. “You have overcome the craziest storms and now God shines 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 that Kardashian West’s net worth is around $ 900 million.

Yes, Kanye West is a billionaire. But he’s still not as rich as he claims to be

Kardashian West, who stars in the reality show feature “Keeping Up With the Kardashians”, founded KKW Beauty in 2017 and used hundreds of millions of followers on social media to sell lip glosses, foundations and perfumes.

In the new partnership, Kardashian West will still help create new products and promote KKW Beauty online. (It’s the sixth most-followed celebrity account on Instagram with 177 million followers)

Coty plans to expand the brand to more countries around the world and possibly to other categories, such as skin creams and shampoos. He also hopes that the brisk brand can help increase sales and connect with younger buyers who spend a lot of time on social media.

“This relationship will allow me to focus on the creative elements I’m so passionate about by benefiting from Coty’s incredible resources and the launch of my products worldwide,” said Kardashian West in a press release with Coty.

Contribution: The Associated Press

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