Making moves! On Monday, November 18, news spread that Kylie Jenner sold a 51% stake in Kylie Cosmetics and Kylie Skin to beauty giant Coty for a whopping $600 million. But according to sources, the 22-year-old entrepreneur was looking forward to the strategic partnership for quite some time — with the mission of making the world-famous beauty brand even more powerful than it already is.
Coty’s current roster includes Rimmel, OPI, CoverGirl and Clairol among other prominent beauty brands. According to sources close to the Kylie Cosmetics founder, “Kylie’s Coty deal has been in the works for a while. The [company] will boost distribution and infrastructure.”
The source continued, “Kylie isn’t affected by the sale. For her, it just gives her the support to grow the business. She’s been working since as early as she can remember, so she’s always had a healthy income. This new influx of money won’t change her life, unlike other founders who make little money before a sale like this.”
As Jenner and sister Kim Kardashian continue to succeed with their respective brands, our sources report that they help each other and often “speak, collaborate and share advice” about their businesses. In an exclusive interview with Us, the Skims founder spoke of her sister’s accomplishment: “I don’t think we look at it as a competition at all. You know, we’re sisters and I’m so proud that she is so young and has made an amazing business for herself and was able to sell a part of it and continue to be the creative director and founder and be so involved.”
Moving forward, Jenner and her team at Kylie Cosmetics and Kylie Skin will remain involved. According to a press release announcing the partnership, “Kylie and her team will continue to lead all creative efforts in terms of product and communications initiatives, building on her unrivaled global reach capabilities through social media.”
While Jenner focuses on her next venture, Kardashian has several items on her agenda, too — besides her highly anticipated makeup collection with Mario Dedivanovic and new Skims launches. Our source reveals, “Kim is spending a lot of her time on prison reform and her philanthropic initiatives and she’s getting a lot of purpose from that and she’s really excited about it.”
The source concluded, “There’s no animosity over Kylie’s success, in fact it’s just immense pride.”
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