Kylie Jenner Just Sold Part Of Her Cosmetics Company For $880 Million So 'Rise & Shine' To Her Bank Account
At 22-year-old Kylie Jenner is a billionaire, and a little bit more.
The beauty mogul and reality star is inking a deal with Coty Inc. as they gear up to officially purchase a 51% stake in Kylie Cosmetics and Kylie Beauty for US$600 million.
That's AU$880 million. Let’s just let that sink in.
Kylie’s business is now valued at US$1.2 billion since its 2015 launch, all thanks to Kylie’s social media following.
Don’t worry team, the youngest of the Kardashian-Jenner clan will remain at the helm of product development and marketing, with Coty stepping in to help distribute her wildly popular brand worldwide.
It’s the perfect deal for Coty, the parent company of Covergirl and Sally Hansen, as they appeal to younger audiences.
“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 chief executive Pierre Laubies said in a statement.
The deal is expected to close in the third quarter of 2020, so she hasn’t got all that cash in her pockets just yet!
Kylie didn’t seem eager to sell the company in her cover interview with Forbes last year, saying, “Maybe one day [I’ll] pass this on to Stormi, if she’s into it.”
But perhaps this move is strategic as Stormi grows up – could there be more in her brood for 2020?
Regardless, it’s a big decision to handover the major share in the business. We can’t wait to see what Coty will bring to the business. Maybe 880 million new lip kit shades?
- Tait McGregor
Main Image Credit: Getty
Check Out The Major 12 Year Transformation Of Our Favourite Kardashians...
Check Out The Major 12 Year Transformation Of Our Favourite Kardashians
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