Makeup mogul Kylie Jenner announced that she has sold a 51% stake in Kylie Cosmetics to American multinational beauty company Coty for a price of $600 million.
About the partnership, Jenner said that it will allow her and her team to focus on the creation and development of each product and expand the brand globally.
Coty owns brands like Sally Hansen, Clairol, Covergirl, OPI, and Rimmel. Jenner said that her goal is to turn Kylie Cosmetics and Kylie Skin to a 'global powerhouse brand' in association with Coty.
Jenner’s brand is valued at $1.2 billion.
Jenner said in a statement, on Monday, that she is excited to partner with Coty to continue to reach 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 expect from my brand," said Jenner. She added that she is looking forward to engaging with her fans through social media.
Kylie Jenner is Forbes magazine's 'youngest-ever self-made billionaire'. She was on the cover of the magazine in March 2019 at the age of 21.
She launched the Kylie Cosmetics (formerly known as Kylie Lip Kits) in 2015. The first 15,000 lip kits were funded by her earnings from her modelling assignments. Jenner has said that inspiration for her lip kits came from her childhood insecurity about her lip size.
Jenner has frequently collaborated with the members of the Jenner-Kardashian family who are reality stars. Her brands depend heavily on social media for publicity and marketing. She has the most followed Snapchat and Instagram (151 million followers) accounts. She has approximately 270 million followers on social media.