Kylie Jenner has sold 51% of her successful cosmetics company “Kylie Cosmetics”.
What We Know:
- Coty Inc., the company that owns CoverGirl, Tiffany & Co., Balenciaga, and other notable beauty and fashion brands, has officially acquired a 51% stake in Kylie Jenner’s Kylie Cosmetics.
- Jenner will remain the public face of the brand however, it will be renamed “Kylie Beauty”. Earlier this year, Forbes estimated the company to be worth around $800 million and placed her on their youngest self-made billionaire list.
- Some critics of the young reality star believe she is not “self-made” and that she comes from wealth which has helped her gain access to resources and huge platforms.
- In a statement following the deal, Jenner 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. 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.”
This new deal values Kylie Cosmetics at $1.2 billion.
— Kylie Jenner (@KylieJenner) November 18, 2019