Kylie Jenner Sells 51% of Kylie Cosmetics to Global Beauty Brand, Coty Inc.
She’s not a businessman. She’s a business, man. Depending on who you ask, beauty billionaire/reality TV star, Kylie Jenner, has singlehandedly launched her cosmetics company – Kylie Cosmetics – into a phenomenon. But, in order to take her popular Lip Kits global, she’s called on the hands of global beauty conglomerate, Coty, Inc. She recently sold the company 51% of the stakes in Kylie Cosmetics for a cool $600 million.
Launched in 2015, Kylie Cosmetics became an instant hit – crashing her e-commerce website on the day of its premiere to the marketplace. Since then, the company has been valued at $1.2 billion, and is now available at all 1000+ locations of cosmetics store, Ulta Beauty. In a press release issued today, (11/18/19) Coty, Inc. said this about their partnership with Kylie Jenner:
“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.”
Kylie Jenner commented:
“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.”
Congratulations on your newest money move, Kylie!
Written by Miata Shanay