“Self-made billionaire” Kylie Jenner has just sold a majority stake of her Kylie Cosmetics brand to American beauty company Coty Inc. for $600 million USD, Business of Fashion reports.
The youngest of the Kardashian-Jenner family sold a 51 percent stake in Kylie Cosmetics, her namesake cosmetics line she launched in 2015, which Coty valued at nearly $1.2 billion USD. Coty’s newly acquired Kylie Cosmetics joins a lineup that includes Covergirl, OPI, Rimmel, GHD, and Clairol.
“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 release. “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.” Jenner and her team will continue to head the creative direction of the brand. “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,” she added.
Coty is hoping to revive the company through Jenner’s profitable brand, and is expected to expand the product offerings of Kylie Cosmetics and Kylie Skin. Coty predicts that Kylie Skin will likely reach $25 million USD in sales in 2019. According to The Wall Street Journal, Coty has lost half its value since 2016.
In related news Kylie Jenner is expanding her fashion empire to include a baby line.
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