Kylie Jenner is now $600 million richer
The 22-year-old Keeping Up with the Kardashians star Kylie Jenner declared that she sold off a 51% stake in Kylie Cosmetics to well known beauty brand Coty which also owns brands like Sally Hansen, Clairol, Covergirl, OPI and Rimmel.
Seven months ago reality tv star Kylie Jenner was labelled as the world’s youngest self-made billionaire, so we all had a bit of whiplash this week when it emerged woman has now sold the majority portion of her cosmetics brand for an eye-watering $600 million.
According to Forbes, under the transaction Coty is seeking to target the GenZ consumers and its strategy for that is to pay $600 million to have long-term strategic partnership to attract millions of Kylie Jenner fans and social media followers as its potential market.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” Kylie said in a statement. “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.” Jenner said in the statement.
Jenner, the youngest daughter of Kris Jenner and Caitlyn Jenner, formerly known as Bruce Jenner, has more than 270 million social media followers and rates as “one of the most influential voices among beauty consumers globally,” said a statement from both companies.
Coty explained the transaction as part of its attempt to grow as a “more focused and agile brand” adding that its global capacities in research and development, manufacturing and distribution, as well as expertise in cosmetics, would enable Jenner’s products to thrive as a “high growth, digitally native beauty brand.”