Kris Jenner revealed she is “excited about the future” after the sale of 51 percent of her youngest daughter Kylie Jenner’s company Kylie Cosmetics to Coty. The transaction reportedly netted the Keeping Up with the Kardashians star a cool $600 million.
Kris was interviewed for CNBC’s Squawk Box where she revealed that the sale was a big day for both the cosmetics brand and her family. She was “proud” of how Kylie has grown her eponymous brand over the past four years through hard work and her vision for the line of products. This includes moving into a global market, something shaking hands with Coty would allow on a bigger scale than Kylie would ever be able to do on her own.
“It’s a moment to just look forward and be excited about the future. I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That’s the vision,” said the mother of the Kardashian clan, which includes Kylie and Kendall Jenner as well as Kourtney, Kim, Khloe, and Robert Kardashian, reported People Magazine.
“We decided to partner with Coty because they share the same vision as we do in building this into a huge thing. We dream big and this is something we’re so excited about,” Kris continued, speaking about the sale of the business that Kylie grew from a company that began selling lip kits online into a business conglomerate that also includes Kylie Cosmetics and Kylie Skin.
Kylie owned 100 percent of Kylie Cosmetics and Kylie Skin prior to the Coty deal. She will continue to be an integral part of the business moving forward, venturing into new products that will continue to bear her name.
“This is Kylie’s baby and dream. She is so proud of what she built and wants to go into many categories and she hasn’t scratched the surface yet,” Kris explained of her daughter’s plans for the future, per People.
The 22-year-old reality star will continue to helm product development and communications for the brand.
Kris also told the CNBC hosts that while there are no plans for any other members of her family to be a part of the Coty merger at the moment, she did state that the future is open wide for any possibilities when it comes to the Kardashian and Jenner beauty brands. These also include KKW beauty and Skims, the businesses that belong to Kim Kardashian West.
Jenner was named the world’s youngest self-made billionaire by Forbes Magazine in March 2019.
The family will also continue to film their reality series Keeping Up with the Kardashians for the foreseeable future, which continues to widen their reach as they are viewed working on their respective businesses while on camera.
The clan is currently taping Season 19 of the series, and there are no plans for the family to stop production at this time. The E! series is currently seen in 200 countries around the world.