Kylie Jenner definitely knows how to get to the bag, and recently she sold majority ownership of her Kylie Cosmetics brand to the multinational beauty company Coty Inc. for $600 million.
According to Harper’s Bazaar, Kylie and Coty Inc. announced their partnership on Monday and revealed that the company will own 51 percent of Kylie’s beauty empire, which is currently worth $1.2 billion.
Kylie expressed her excitement and said, “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.”
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When it comes to Coty’s responsibility behind Kylie’s brand, they will focus on the “portfolio’s development, leveraging its global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise, as well as its deep understanding of the fragrances, cosmetics and skincare categories.”
For those who may not know, Coty is the parent company to many household brands such as OPI, Covergirl, Sally Hansen, Clairol, Wella, GHD, and Rimmel London. They are also the fragrance partner for Calvin Klein, Chloe, Bottega Veneta, Balenciaga, Burberry, Gucci, and Marc Jacobs.
Therefore, in other words, the sky is definitely the limit for Kylie Jenner and her beauty empire.
Congrats to Kylie, keep getting those coins sis!
TSR STAFF: Jade Ashley @Jade_Ashley94
