Youngest “self-made” billionaire Kylie Jenner took a huge step for her beauty brand Kylie: It was announced yesterday that she’s selling 51 percent of the brand’s market share to CoverGirl owner Coty. Kylie is about to be $600 million richer.
According to The Guardian, Coty plans to launch more products under Kylie Cosmetics and Kylie Skin, and sell them worldwide. The deal is expected to be completed early next year. Coty also hopes this will boost its sales among shoppers under 35 years old.
Momager Kris Jenner is proud of her daughter’s business move, telling CNBC’s “Squawk Box,” “Yesterday was a really big day for Kylie and our team at Kylie Cosmetics. [It was] truly a moment for our family to be proud. It’s kind of a crystallization of all our work.”
She adds that Kylie is excited to work with Coty to grow her brand and pass it down to her daughter Stormi Webster in the future. Lucky kid.
I can’t wait for all of the amazing things to come for @kylieskin and @kyliecosmetics! I’m excited to partner with @cotyinc to continue to expand my brands globally.. This is only the beginning!