Kylie Jenner just sold half of her beauty empire to this company
The beauty mogul sold a majority stake in Kylie Cosmetics
Stop everything! We've got some major beauty news! Kylie Jenner just signed over half of ‘Kylie Cosmetics’ and ‘Kylie Skin’ to the American multinational beauty company, Coty Company. Now before you panic, think of it more as a partnership. According to a press release, “Coty and Kylie will set and lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories. Kylie and her team will continue to lead all creative efforts in terms of product and communications initiatives, building on her unrivaled global reach capabilities through social media.” The beauty mogul’s vision and alluring packaging will still be fun and creative and the lip kit formula will remain the same.
The reality TV star sold major stake of her beauty empire to Coty for $600 million. Coty, which is valued at $1.2 billion, owns brands like Covergirl, OPI, Rimmel, GHD and Clairol. Since Coty is known for its innovative products and advancements in beauty, we’re predicting Kylie’s makeup and skincare brand will have a fresh update for 2020.
“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,” said the billionaire in a statement.
Coty's Chairman of the Board, Peter Haf stated, “This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business. 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.” You'll probably be seeing Kylie's brands beyond the stores of ULTA Beauty in the new year to come.
Check out the video below for more details.
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