Kim Kardashian’s beauty brand KKW reportedly signed a deal that made it’s valued at a billion, however, Forbes denies that.
Kim recently hit the billionaire status quo and her husband Kanye West was praising her for the same. However, the publication which ripped her sister Kylie off of the billionaire list has also denied of her being a billionaire.
The beauty mogul is worth $900 million after signing a deal with Coty Inc. Kim signed a deal to sell a 20 percent stake in the company which sells makeup and fragrances for $200 million. The company had also bought a share of 51 percent of Kylie’s company. They bought it for $600 million last year.
Kylie Jenner was claimed to be a billionaire after signing a deal with Coty last year. Forbes claimed her as a ‘self-made billionaire’ and featured her in their magazine cover. But in May 2020, Kylie was ripped off of the title of a billionaire by the publishing company. Forbes accused her of forging tax returns and inflated business figures. According to Forbes, her worth is around $950 million.
In the case of Kim Kardashian, Forbes reports that the deal which is set into the third fiscal quarter of 2021 will leave Kim with a 72 percent stake. As 8 percent of her company is owned by her mother Kris Jenner. This will prevent her from being a true billionaire.
Meanwhile, Kanye recently bragged about Kim on attaining the billionaire status. The rapper took to Twitter to appreciate his wife. He wrote how proud he is for becoming a billionaire. Kanye continues in the post writing how many hurdles she has faced but now God is shining on her. ‘I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,’ Kanye wrote. You’ve weathered the craziest storms and now God is shining on you and our family. So blessed this is still life.’
Kanye posted a rather peculiar art as a photo with his message. The image included green tomato, a tomatillo, a cherry tomato, some lavender, and other flowers, all arranged on the ground.
Although Kanye’s post received a lot of criticism. People were raging because he was bragging about his wife being a billionaire which seemed rather ill-timed. They mentioned the situation of the country and how it is battling a financial crisis at the moment when he brags about the billionaire status.
However, Kim’s deal includes new beauty categories and the expansion of her products across the globe. It is a long-term strategic partnership. TMZ reports that Coty acts as a licensee for skin, hair, personal, and nail products. The deal means that Kim is still the one running the company as she only gave a 20 percent stake to Coty Inc.
If the company has paid $200 million for one-fifth of the brand, it would mean that the whole company is valued at a billion dollars. Coty brought a majority of 51 percent of Kylie’s company however for Kim, she is still the boss of her company. Kim and her team were working on this deal for months now.
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.’
Kim’s KKW was also recently sued by Seeds Beauty in the fear that they would release trade secrets to Coty Inc. Last month, Kylie took to Twitter to respond to Forbes for ripping her off of the billionaire status. The publication company accused her of inflating figures and forging tax returns to gain the status in one of their reports.
Kylie was surprised by the article because it also claimed that the Jenners want you to believe it is doing well when it is not. And they also claimed she is not a billionaire.
Kylie was named a self-made billionaire in 2019 and again in 2020 by Forbes. However, after they ripped her off of the title, Kylie took to Twitter to express her disbelief. She wrote that she thought it was a reputable site. Kylie continues saying that all she sees is several inaccurate statements. She denies having lied to reach there.
The beauty mogul continued expressing her disbelief. She said that they have no proof other than saying that her tax returns are ‘likely forged’. She rants on blaming them asking that they just thought that she forged it. Either way, she expressed that she is grateful to be blessed beyond her years and have a beautiful daughter. She takes the attention off of her status quo and says she can name a list of 100 things more important than this now.
Also Read : News Highlights From July 2020