Kylie Jenner sold 51 percent of Kylie Cosmetics and Kylie Skin to Coty, the owner of CoverGirl makeup, for $600 million. Kylie founded the company four years ago, and since then, the brand has taken off. Now, according to Entertainment Tonight, the brand is poised to expand even further – with Kylie still at the helm.
A press release sent out by the reality TV star on Monday says that she and her team will still lead the creative efforts for the company that has helped make Kylie the youngest billionaire in the United States. However, Coty will help the brand develop into a “global powerhouse.”
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” Kylie said in the press release. “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.”
She claims that the move will let her focus on the creative side of the business as it expands across 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,” she said.
Coty’s Chairman of the Board, Peter Harf, expressed excitement in working with the brand, Kylie, and her team.
“Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together,” he said.
He added that the move is part of Coty’s renewed focus on beauty.
Kylie Cosmetics has been a focus on Keeping Up with the Kardashians, with the family supporting Kylie in her venture. Her mom, Kris Jenner, said that Kylie started the business with money that she had been saving for years, adding that it could have succeeded or failed all on its own. Kylie turned it into a booming brand that will appear in Ulta stores across the nation.
Sister Kim Kardashian echoed her mother’s praise, saying that the business wasn’t just handed to Kylie — she worked to accomplish her goals. Kendall Jenner agreed, saying that Kylie didn’t just sit around and let things come to her. Instead, she worked hard for them.
Even Kylie’s 1-year-old daughter Stormi appears to be a fan of the makeup mogul’s brand. Kylie has included Stormi in videos promoting her makeup, saying that her daughter is “obsessed” with makeup even at her young age.