Kylie Jenner sells 51% of Kylie Cosmetics to Coty Inc. for $600m
19 November 2019, 14:44 | Updated: 19 November 2019, 14:48
Kylie will still continue to front the billion dollar company.
What a time to be alive if you're Kylie Jenner's bank account. Thanks to a new deal with cosmetics brand Coty Inc., billionaire businesswoman Kylie has just upped her net worth after selling a $600m majority stake in her billion-dollar company, Kylie Cosmetics.
As reported by TMZ, Kylie has sold 51% of Kylie Cosmetics and Kylie Skin to Coty. The news about the Kylie Cosmetics deal first made headlines in June 2019. While Coty have the majority share of the company, Kylie will not be sitting back when it comes to fronting her brand and taking creative control.
In a joint statement, Coty said they 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" and together, they will "lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories."
Kylie will continue leading all creative efforts and "communications initiatives" a.k.a. using Instagram as a means of promo and making us peasants buy the goods.
But what does this mean for Kylie Cosmetics itself? Well, it's likely that Coty will make Kylie's brand even bigger - and not just in the US. We could soon, hopefully, see it in more stores across the world.
In the statement, Kylie said: “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. 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. 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.”
Well! There we go. Congrats to us, congrats to Coty and congrats to Stormi's mum who is now $600m richer.