Though she’s already been named Forbes’ youngest self-made billionaire, Kylie Jenner, 22, just secured another multi-million dollar bag. Jenner sold a majority stake in her beauty business to Coty, CBS News reported.
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The leading international beauty company will acquire a 51 percent stake in Jenner’s cosmetics brand for $600 million. The youngest Kardashian will still be the face of her namesake brands Kylie Cosmetics and Kylie Skin and also lead communications and creative strategy.
A makeup and fragrance giant with a conglomerate of well-known brands in its portfolio, Coty is sold in over $150 countries. Its CEO Pierre Laubies expressed his excitement about the deal.
“We are pleased to welcome Kylie into our organization and family. Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products 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,” Laubies said in a statement.
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The youngest member of the Kardashian clan echoed his sentiments.
“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,” Jenner said.
The deal pushes the valuation of Jenner’s cosmetics brand to $1.2 billion. While some are celebrating Jenner’s successes, others point out that her fame and alleged theft of other people’s ideas are the driving force for her rise and should not be applauded.
