Kylie Jenner sells a majority stake of her beauty brands for $600 million
Kylie Jenner is the world's youngest self-made billionaire thanks to her brands, Kylie Cosmetics and Kylie Skin. But this deal that the 22-year-old just made might actually make her worth way more in the long run.
It has been reported that Kylie just sold 51 per cent of Kylie Cosmetics to the beauty company, Coty. The conglomerate is the giant name behind brands like Burberry fragrances, CoverGirl, and Marc Jacobs fragrances and more.
While the model reportedly got $600 million for the sale, she isn’t planning on leaving the business altogether.
In a joint statement, Coty said that Kylie would continue leading all creative efforts and "communications initiatives", which means that she will to promote Kylie Cosmetics across her massive social media empire of 270 million followers.
Kylie said she was "excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world."
She went on and said, “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."
Coty’s Chief Creative Officer Pierre Laubies said, “We are pleased to welcome Kylie into our organisation 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.”