The cosmetic company Coty Inc. announced on Monday it will acquire a majority stake in Kylie Jenner’s make-up and skincare businesses for $600 million, the company’s plan is to explore the overseas potential.
The 22-year-old was named the world’s youngest self-made billionaire aged 21 after Kylie Cosmetics enjoyed record sales in 2018 thanks to its famous lip kits and eyeshadow pallettes.
Now less than a year later, the reality star has decided to sell 51% of the beauty company to Coty, which owns brands like Max Factor, Clairol and CoverGirl. According to TMZ, Kylie was paid $600 million for the majority share giving Coty financial control but she’s still involved with Kylie Cosmetics creatively.
In a joint statement, Coty and Kylie confirmed that she will continue to lead all creative efforts and ‘communications initiatives’. Kylie said: ‘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.
Don’t worry, the lip kits aren’t going anywhere (Picture: Kylie Cosmetics) ‘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.’ Coty’s CEO Pierre Laubies added: ‘We are pleased to welcome Kylie into our organisation 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.’
Last year, Kylie surprised us all when Forbes valued her successful cosmetics brand at $1.2 billion (£920 million). But in September, the Keeping Up With the Kardashians star admitted being rich has its downsides. ‘It’s only when we’re in a group chat talking about, “We should go on a trip!” And then everyone’s like, “Kylie? You gonna pay for it?” Stuff like that,’ Kylie told Ellen DeGeneres. She added: ‘They just joke with me, just sisters. They’re all really proud of me for sure.’