Kylie Jenner is a self-made billionaire at 21 but it appears the mother of one is about to increase her fortune even more as beauty products giant, Coty announced today, a deal to take a majority stake in her cosmetics and skincare company.
The $600 million (216,900,000,000) deal will marry Jenner’s celebrity prominence with Coty’s distribution and commercial prowess.
It is gathered that the $600 million is for a 51% stake in Jenner’s company. With her over 270 million followers across her social media platforms, the Keeping Up With Kardashians star is “one of the most influential voices among beauty consumers globally,” said a statement from both companies.
Jenner launched her brand in 2015 with “Kylie Lip Kit” and has since added eyeliners, eye shadows, blushes and other items.
Speaking on the partnership, Jenner said,
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. 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.”
On it’s part, Coty described the deal as part of its effort to become a “more focused and agile company” adding that its global capacities in research and development, manufacturing and distribution, as well as expertise in cosmetics, would enable Jenner’s products to thrive as a “high growth, digitally native beauty brand.”
Coty Chief Executive Pierre Laubies said the deal “will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie’s brands to reach their full potential.”
Shares of Coty rose 3.3 percent to $12.31 in early trading. Coty’s brands include Hugo Boss and Burberry fragrances.