After maintaining 100% ownership of Kylie Cosmetics since its launch in 2015, Kylie Jenner just sold 51% to beauty giant Coty for a reported $600 million.
Coty owns other big beauty brands like Covergirl, Rimmel, and Clairol. Business of Fashion reports the sale valued the company at almost $1.2 billion.
Jenner and her team will continue to lead all creative efforts of product development and communication initiatives. Jenner said in a release,
“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.”
Coty’s Chief Creative Officer, Pierre Laubiues said
“We are pleased to welcome Kylie into our organization and family. Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie’s brands to reach their full potential.”
Coty’s Chief Financial Officer Pierre-André Terisse said in a conference call with investors,
“We don’t see any weaknesses. We see strength everywhere. We see strength in cosmetics. We see strength in skincare both digitally and in the launch in Ulta.”
Thanks to her booming beauty business, Jenner was a Forbes cover girl in March of this as a YOUNG BILLIONARE.
#ConDRAGulations! You earned it!
(Photo, Avalon; via People)
