American media personality and socialite, Kim Kardashian becomes a billionaire.
In a new report by Forbes, the 39-year-old media personality is now worth $900 million after selling a 20% stake in her KKW Beauty for $200 million to the multinational beauty company Coty, the same company that purchased a majority stake in Kylie Cosmetics last year. The deal values the brand at $1 billion and emphasized the brand’s social media appeal. Along with KKW Beauty, the mogul also owns her own shapewear brand Skims and a mobile game “Kim Kardashian: Hollywood.”
“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,” raved the Coty Chairman and Chief Executive Peter Harf in a statement about the deal. “This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”