Kylie Jenner sold a majority stake of her Kylie Cosmetics to a beauty conglomerate Coty that owns CoverGirl, Balenciaga, Gucci, etc.
Under the terms of the agreement, Coty will acquire a 51% ownership in the partnership for $600M, which will be focusing on global expansion and entry into new beauty categories.
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. – said Kylie Jenner
Kylie and her team will continue to lead all creative efforts in terms of product and communications initiatives.
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. – said Pierre Laubies, Coty Chief Executive Officer
All beauty categories within the new partnership will continue to be sold through leading luxury beauty retailers as well as owned digital channels.