What a payday! Kylie Jenner has a new business partner for her Kylie Cosmetics line as she sold 51% of her company to beauty conglomerate Coty for $600 million. This means that Kylie no longer owns majority stock in her company. Coty also owns beauty brands such as Covergirl, OPI, Rimmel, GHD and Clairol. And though Kylie sold the majority stake in her company, it is claimed that she and her team fervently stated that they would continue maintaining the creative and communication operations for the foreseeable future.
In a press release issued, it reads, “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.”
In July 2018, Kylie’s business and brand made rocked the world after she graced the cover of Forbes. Kylie at that time was also named one of the youngest — if not, the youngest — self-made billionaires in the world. And for Kylie, her business has been and always will be very personal. She in a clip for Forbes said, “I had an insecurity with my lips when I was younger, so I turned to makeup to help me feel more confident. went to the makeup store and I just didn’t even know really what colours I was picking. I was just like, ‘I want some lip liner that looks like the colour of my lips ’cause I just want my lips to look fuller.’ But I could never find a lip liner and lipstick that matched or even the right colour that was perfect for me so that’s where the lip kit started.”