Kylie Jenner just hustled an ultimate level up.
Since being named by Forbes as the youngest self-made billionaire with a cosmetics company last valued at $900 million, apparently everyone wants a slice of Kylie Jenner’s beauty pie. Now, thanks to a major deal with beauty company Coty Inc, it’s about to be bigger than ever.
Today, Coty acquired a 51% stake in the Kylie Cosmetics empire for $600 million in cash (which puts Jenner’s company at a new $1.2 billion valuation). The deal, which is expected to close at the end of 2020, makes Coty responsible for Kylie Cosmetics’ development, expansion, and distribution into new markets, with a focus on international business.
According to Coty, the brand will also act as a licensee for new skin-care, fragrance, and nail products for Kylie Cosmetics. “Together, Coty and Kylie will set and lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories,” a Coty rep announced in a press release.
Coty, which currently has a diverse portfolio of consumer and luxury brands, including CoverGirl, Rimmel London, Marc Jacobs, Gucci, and Mui Mui fragrances, hopes that the Kylie Cosmetics acquisition will sharpen its edge in the consumer goods category. “We believe in the high potential of building a global beauty brand together,” Coty said in the announcement.
Kylie and her team “will continue to lead all creative efforts in terms of product and communication initiatives.”
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” Kylie said. “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,” she added.
One thing is for certain, Kris Jenner certainly made sure her girls were covered in business. Rise and shine, indeed. Thoughts?
