Popular American media personality and businesswoman Kim Kardashian has reached a whole new level of wealth, TMZ reports.
As the media outlet explains, cosmetics conglomerate Coty has recently moved to buy a 20 percent stake in Kim's beauty brand for some $200 million, which effectively means that Coty "valued Kim's co. at $1 billion".
"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 Kardashian said.
And since Kim did not sell a majority state in her business enterprise, it appears that she continues to be the one running the show "when it comes to her brand".
The media outlet points out, however, that Kim's company recently got sued by its former partner venture, Seeds Beauty, who "said it was worried KKW would spill their trade secrets to Coty".
At this time, it remains to be seen what comes of this lawsuit, while the "transaction with Coty" is expected to close in the third quarter of 2021.
