Kim Kardashian West has overtaken younger sister Kylie Jenner in the wealth stakes, after selling a stake in her beauty brand KKW for USD 200 million. The deal values the TV reality star's three-year-old business at USD 1 billion.
Kardashian West, who stars on the long-running reality TV show "Keeping Up with the Kardashians," founded KKW Beauty in 2017 and tapped into her hundreds of millions of social media followers to sell lip gloss, body foundation and perfume.
The buyer is Covergirl owner Coty Inc., which will get a 20 per cent stake in KKW Beauty. Coty seems to be enamored with the Kardashians: Last year, it bought a 51 per cent stake in the makeup line started by Kardashian West's younger sister, Kylie Jenner.
Recently, Kylie was stripped off of her youngest-ever self-made billionaire title by Forbes. The publication claimed that she used fake draft tax returns to boost her net worth.
The business magazine said the Jenner is now worth just less than 900 million USD after factoring Kylie Cosmetics' revenue in public filings and the economic effect COVID-19 has had on the beauty industry.
American reality TV star's lawyer had demanded Forbes take down their story accusing the makeup mogul of lying her way to billionaire status.
According to Page Six, the lawyer, Michael Kump, said in a statement to The Post on Friday, "We have reviewed Forbes' article accusing Kylie of engaging in deceit and a 'web of lies' to inflate her net worth. The article is filled with outright lies."
"Forbes' accusation that Kylie and her accountants 'forged tax returns' is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements."
Inputs from Agencies.