Kylie Jenner is looking to expand her beauty business and she’s teaming up with giant Coty to do it.
Announced on Monday, November 18, the major business deal will give Coty a 51 percent stake in the makeup company for $600 million, making the company the majority stakeholder of the reality star’s brand.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” the Keeping Up With the Kardashians star said in a press release from the brand. “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 is expected to close in the third quarter of the 2020 fiscal year. And the 22-year-old will continue to be involved in the company’s creative efforts when it comes to product development and public consumer outreach. Coty clarified that all of Jenner’s beauty categories will continue to be sold through luxury beauty retailers and the owned digital channels.
“We are pleased to welcome Kylie into our organization and family,” Coty’s chief executive officer, Pierre Laubies, said. “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.”
It was only a matter of time until Forbes’ youngest self-made Billionaire teamed up with a major company. After launching the brand in 2015 with the Lip Kit, it continued to grow its business, creating everything from the OG lip duos to eyeshadow palettes. Now you can even shop the collections at go-to retailer Ulta!
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