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.
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