photo credit: Tinseltown // Shutterstock
Just when you thought Kylie Jenner couldn’t get any richer, she does!
Kylie just sold 51% of her Kylie Cosmetics to the multinational beauty company Coty Inc. for $600 million. The large percentage is currently worth about $1.2 billion.
Coty’s role in the deal will be focusing 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.”
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.”
Coty currently houses OPI, Covergirl, Sally Hansen, Rimmel London and more Their fragrance partners include Calvin Klein, Marc Jacobs, Burberry, Gucci and more.
Written by Clarke Jones
Source: The Shaderoom