Kylie Jenner recently sold the majority of her stake to Coty. Coty is an American Multinational beauty company, that now has acquired a 51% stake of Kylie Cosmetics. This resulted in Kylie not having a majority of her ownership of her brand. Currently, Kylie Cosmetics is worth $1.2 billion in the market. The 22-year-old billionaire sold it to Coty for $600 million on November 18.
Kylie was excited to break this news to her fans 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." Kylie continued, "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."
Kylie's mother speaks up
As per an article on Just Jared, in a recent interview with CNBC's Squawk Box, Kylie's mother Kris Jenner revealed the real reason behind her daughter taking such a huge step. Kris Jenner admits that her entire family is very proud of Kylie and are extremely excited and are also looking forward to this association with Coty.
She then went on to explain the reason, and said: "I think the goal is to just keep building Kylie's existing beauty business into a global powerhouse brand. That's the vision." The decision taken to partner with multinational beauty brand, Coty was because the two companies share the same vision. The aim is to build Kylie Cosmetics into a bigger and better brand.
The big dream
"We dream big and this is something we're so excited about. This is her baby and this is her dream," Kris said. The 22-year-old billionaire has a dream to expand her beauty empire and venture into categories and domains she hasn't yet explored. Kris Jenner further explained, "She looks forward to working with Coty to develop more categories and going into other areas of the beauty business."