Kylie Jenner – Coty Cosmetics Sees A Dip In Stocks After Buying 51 Percent Of Kylie Cosmetics
The stock in Coty Cosmetics, the company Kylie Jenner sold 51 percent of her Kylie Cosmetics brand to, has seen a decline just days after the deal that brought Kylie Jenner $600 million was announced, according to reports.
While Coty’s stock bumped up to $12.22 shortly after the sale was announced, it later took a hit to $11.53, the lowest all month.
The company’s stock has seen an overall decline of 5.5 percent since announcing its partnership with Kylie Jenner. Interestingly enough, many experts in the stock industry predicted that Coty’s stock would do the exact opposite and skyrocket.
It was previously reported Jenner sold a majority of her shares in her billion-dollar company to Coty Cosmetics, the company that houses brands like COVERGIRL, Rimmel, and Sally Hansen.
Coty released a statement on the deal and 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.”
“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.”
For what it’s worth, her mom Kris Jenner is super proud of her. And while this is a major move, she said we can expect more like these.
“She feels like this is where she belongs. This is where her passion is and she wants to really — wants to use her creative side to develop her brand. And this is what she wants to do for the rest of her life. [Kylie] talks about it all the time. Twenty years from now she sees herself doing this and maybe passing it down to her daughter.”
Are you surprised the Coty Cosmetics stock took a dip? Tell us in the comments.