Self-made youngest billionaire, Kylie Jenner has sold a 51 percent stake of her Kylie Cosmetics brand to Coty, giving up her majority ownership in the
Self-made youngest billionaire, Kylie Jenner has sold a 51 percent stake of her Kylie Cosmetics brand to Coty, giving up her majority ownership in the company. The sale ended up being for $600 million to Coty, which also owns brands like Covergirl, OPI, Rimmel, GHD, Clairol, Tiffany & Co. and Balenciaga among other notable beauty and fashion brands.
However, Jenner will remain the public face of the brand, and it will be renamed Kylie Beauty.
The $600 million deal values Kylie’s beauty company at $1.2 billion.
“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,” Kylie Jenner said in a statement.
Earlier this year, Forbes estimated Kylie Cosmetics to be worth over $900 million which propelled her to Forbes’ “youngest self-made billionaire” status.