A certified billionaire of all standards, Kylie Jenner has just sold 51% of Kylie Cosmetics to beauty conglomerate Coty, in a closed deal worth $600 million.
Coty, now owning a large percentage of the Kylie Cosmetics franchise still gives the Forbes 2019 self-made billionaire and her team anonymous power to lead all creative efforts of product development and communication initiatives in the company.
“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 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,” Kylie said in a released statement.
The signed deal is an additional achievement in the beauty space for Coty, which already owns exceptional beauty brands such as; CoverGirl, OPL, Rimmel, GHD and Clairol. According to Pierre Laubiues, Coty’s Chief Creative Officer, the deal will help leverage the organization’s core strength around fragrances, cosmetics and skincare.
“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,” Pierre said.
Products that will be produced under Kylie Cosmetics will witness an expanded distribution worldwide, both in the U.S. and the international front. Kylie Cosmetics was officially launched in 2015, and has since then recorded a sold-out of released products soon after their announcement in stalk. The Cosmetics and Skincare brand are reported to have the highest engagement among all beauty brands on social media.