After maintaining full ownership of Kylie Cosmetics since its launch in 2015, Kylie Jenner has officially sold a majority stake in her business to beauty conglomerate Coty for $600 million.
Jenner, 22, sold a 51 percent stake in Kylie Cosmetics to Coty, which owns other beauty brands including Covergirl, OPI, Rimmel, GHD and Clairol. The sale valued the company at almost $1.2 billion, Business of Fashion reports. While Jenner did sell a majority stake in Kylie Cosmetics, according to an official release, she and her team will continue to lead all creative efforts of product development and communication initiatives.
“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,” Jenner said in a release.
She added: “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 plans to capitalize on the strengths of Jenner’s digitally-native company and utilize its “high potential” to continue growing it into a global beauty powerhouse.
Coty’s Chief Creative Officer, Pierre Laubiues, said: “We are pleased to welcome Kylie into our organization 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.”
Thanks to her booming beauty business, Jenner officially was named the world’s youngest self-made billionaire by Forbes in March 2019.
Driven by Kylie Cosmetics’ expansion into Ulta last year, the company’s revenue climbed 9% last year to an estimated $360 million, with the overall valuation of the brand estimated at $900 million, which Forbes called a “conservative” report at the time.
“I didn’t expect anything. I did not foresee the future,” Jenner told Forbes. “But [the recognition] feels really good. That’s a nice pat on the back.”