Youngest ‘self-made billionaire’ Kylie Jenner has once again proved to be one of the smartest businesswomen by making a whopping $600 million deal with Coty Inc, an American beauty giant.
She has just upped her net worth after selling a $600m majority stake in her billion-dollar company, Kylie Cosmetics. What a time to be alive if you’re Kylie Jenner’s bank account.
The 22-year-old’s brand, which also includes Kylie Skin, will then be controlled by beauty giant Coty. The stock price for Coty rose about 1% Monday, to around $12 a share, on the news of the acquisition.
Coty beauty also owns CoverGirl, Tiffany & Co, Gucci, Balenciaga, Rimmel London, and Hugo Boss and Burberry fragrances. Beauty company Coty is buying a 51% stake in Kylie Jenner’s cosmetics business for $600 million.
“I’m excited to partner with Coty to continue to reach more fans of Kylie Cosmetics and also Kylie Skin around the world,” Kylie Jenner said in a statement. “This partnership will allow me and my team to stay focused on creating the and development of each product while building the brand into an international beauty powerhouse.”
Kylie Jenner, whom Forbes has described as the youngest “self-made billionaire,” will remain the face of both of her brands, Kylie Cosmetics, and Kylie Skin. Jenner founded her cosmetics company in 2015, at age 18, with money she earned from modeling, she told Forbes in 2018.
Kylie Jenner will keep a 49% stake in Kylie Cosmetics and remain the creative lead on both product development and marketing initiatives, particularly on social media, where she has 270 million followers across platforms.
Pierre Ladies, CEO of Coty said in a statement that, “Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in beauty products is an exciting step in our transformation,”.
Kylie started her makeup line in 2015 with lipstick and lip liner kits.
Being one of the biggest social media influencers, the kits were sold out within minutes of launching.