Global beauty company COTY announced on Monday that it would acquire a 20% stake in KKW, Kim Kardashian West's cosmetics line, for 200 million dollars. The deal values KKW at $1 billion.
Reports say that under this agreement, the make-up mogul will get to retain creative control of the company while leveraging her 300 million social media followers for "products and communications initiatives."
"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," Kardashian West reportedly said.
Meanwhile, Kanye West took to Twitter to congratulate his wife for making it to the billionaire club. He wrote:
"I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire. You’ve weathered the craziest storms and now God is shining on you and our family. So blessed this is still life. So I made you this still life. We love you so much."