Kylie Jenner just made $600 million USD in one day from Kylie Cosmetics
Kylie Jenner, 22, the billionaire who crowd funded to raise money to become the worlds youngest billionaire, just got a whole lot richer.
The cosmetics mogul has sold a 51% majority stake of her brand Kylie Cosmetics to conglomerate Coty, owners of Covergirl, OPI, Rimmel, GHD and Clairol, for $600 million USD.
According to Business of Fashion, the blockbuster sale valued the company at almost $1.2 billion USD.
The real kicker is that although Kylie sold a 51 percent stake in Kylie Cosmetics, Jenner and her team will continue to spearhead all creative efforts, including product development and brand vision, effectively remaining in creative control.
Speaking of the sale 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.”
The acquisition points to growth for the company, both across the US market and globally. Coty plans to expand distribution to more retailers, as well as product offerings in Kylie Cosmetics and Kylie Skincare.
“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,” Coty’s Chief Creative Officer, Pierre Laubiues said in a pre-prepared statement.
Since you’re here …
… we have a small favour to ask. More people are reading Al-Sahawat Times than ever but advertising revenues across the global media industry are falling fast. And unlike many news organisations, we haven’t put up a total paywall. We want to keep our journalism as open as we can. So you can see why we need to ask for your help. Al-Sahawat Times’ independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe truly ethical media and an unbias perspective really matters.
“I appreciate there not being a paywall: it is more democratic for the media to be available for all and not a commodity to be purchased by a few. I’m happy to make a contribution so others with less means still have access to information.”
If everyone who reads our reporting, who likes it, helps fund it, the future of ethical media and the futures of our staff and their families would be much more secure. For as little as £1, you can support Al-Sahawat Times and it only takes a minute. Thank you.
This story is available on:
Talk to a journalist
Follow Al-Sahawat Times
⬆️ Follow on Instagram
⬆️ Follow on Twitter
⬆️ Follow on LinkedIn
⬆️ Follow on Facebook
⬆️ Follow on YouTube
Read it on FLIPBOARD