The 22-year old will sell the majority stake in Kylie Cosmetics, including Kylie Skin to Coty for 600 million dollars.
Jenner has said that she is building the brand into an international beauty powerhouse.
Coty is a New York-based cosmetics company that also owns a number of international consumer beauty brands, including CoverGirl. The partnership will help Kylie’s brand expand globally and enter new beauty categories, the two companies said in a press release Monday, 18 November 2019.
Forbes declared that Kylie Jenner made $360 million in sales in 2018 and declared her the youngest self-made billionaire, something that sparked widespread criticism.
Coty CEO Pierre Laubies said in the release that the deal 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.”
The deal is expected to be finalized in 2020 and we can’t wait to see what comes of it.
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