- Kylie Jenner just sold her majority stake in Kylie Cosmetics to Coty for $600 million (P30 billion).
- Here’s the deal on what that means for Kylie.
Kylie Jenner is famously hands-on with her business—we wouldn’t have “hyyyriiiseee and shyyynnneee” without her in-office baby room—but it seems she’s taking a baby step back. As of today, Kylie has officially sold off the majority of Kylie Cosmetics for a whopping $600 million (P30 billion) to Coty, a conglomerate that also owns CoverGirl, OPI, Rimmel, and Sally Hansen.
Here’s what Kylie has to say about that in a press statement:
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. 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.”
Basically, Coty now owns 51 percent of Kylie Cosmetics. (Previously, Kylie owned 100 percent herself.) This news is hardly a surprise since there have murmurs of this sale since June, but now that it’s official, we know the brand will be renamed Kylie Beauty. Kylie will still be the face of the brand and will “lead all creative efforts of product development and communication initiatives.”
“We are pleased to welcome Kylie into our organization and family,” Coty’s CEO, Pierre Laubies, said in a statement. “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.”
Kylie’s business already helped her net the title of “youngest self-made billionaire” of all time from Forbes, but with this news, it looks like she’s already on track to doubling that. The life of a billionaire!
This article originally appeared on Cosmopolitan.com. Minor edits have been made by the Cosmo.ph editors.