Coty Inc has agreed to buy a 20 per cent stake in reality TV star Kim Kardashian West's makeup brand KKW for US$200 million (S$278.6 million), the Financial Times reported on Monday (Jun 29), citing people familiar with the matter.
The deal values West's cosmetics company at US$1 billion, slightly lower than the US$1.2 billion valuation Coty put on West's half sister Kylie Jenner's business, the report said.
Earlier this month, Coty disclosed that it was in talks with West over a potential collaboration for the beauty line.
The company, which owns Covergirl, has a majority stake in Jenner's makeup and skincare line, which it bought last year for US$600 million.
West, who is known for chronicling her life with her sisters on TV's Keeping Up With The Kardashians, launched her own makeup line in 2017, two years after Jenner's successful foray into the beauty industry.
Her husband, rapper Kanye West, recently sealed his own fashion deal with retailer Gap, to create a Yeezy line of clothing.
Coty did not immediately respond to Reuters' request for comment after office hours.