Kylie Jenner Sells More Than Half of Kylie Cosmetics for $600 Million
Kylie Jenner sold the majority stake of her beauty brand, Kylie Cosmetics, to Coty for a whopping $600 million.
The self-made billionaire announced the major business move in a joint press release on Monday (November 18), revealing she and the cosmetics company "have entered into a long-term strategic partnership in order to jointly build and further develop Kylie’s existing beauty business into a global powerhouse brand."
As per the deal, Coty now owns 51 per cent of Kylie Cosmetics and Kylie Skin, however, the makeup mogul and her team “will continue to lead all creative efforts in terms of product and communication initiatives.” In other words, the reality star will continue to use her massive social media following the sell products.
"I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Jenner said in a statement. "I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media."
She added, “This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse."
Coty Inc, who is behind beauty lines like Clairol, OPI, CoverGirl, Rimmel, and Sally Hansen, also lans to expand globally and launch more products under the Kylie Cosmetics Brand.