- Kim Kardashian has signed a cosmetics deal with Coty.
- This is the same brand that was nearly killed by the bad dealings of Kylie Jenner.
- Though the brand is banking on Kim, it’s most likely going to be their death knell.
Kim Kardashian is a savior. That is, of course, if you believe Coty, who recently announced that they’re teaming up with the wife of Kanye West to launch her brand of cosmetics on a global scale.
The company apparently learned nothing from the mistakes of their most recent past. And it seems Wall Street may not have learned either.
Kim Kardashian Is Not Going to Save Coty
Last week, reports first emerged that Coty had sold off Wella haircare and overhauled its management team.
These moves had twin purposes: to provide a much-needed influx of capital and get rid of the problematic management in the wake of the Kylie Jenner fallout.
But returning Coty CEO Peter Harf, who is “good friends” with Kris Jenner, decided to bank on another Kardashian-Jenner horse — this time in the form of Kim Kardashian.
And after Harf made this announcement, Coty’s stock shot up.
But what makes this business move so incredible is how willing Harf was, once again, to hitch his wagon to the Kardashian-Jenner promotional machine.
After all, Forbes Magazine confirmed that Kylie Jenner “cooked her books” — that is, falsified her IRS tax returns — to show that her Kylie Cosmetics company was far more valuable than it really was.
When the fraud was discovered, Forbes issued a bombshell announcement confirming that they’d revoked Jenner’s billionaire status. And though Jenner denied Forbes’ claims, the fallout was swift: at one point, Coty’s stock plunged to a record low of $3.02.
Kim Kardashian has nowhere near the net worth of her baby sister. According to Forbes, Kardashian is worth approximately $350 million. But Kardashian’s husband, Kanye West, is allegedly billionaire, which potentially sets the stage for a hilarious case of deja vu.
And all of this makes Coty’s investment into Kardashian all the more curious.