Kylie Jenner is 600 million dollars richer. In a move that surprised those who don’t follow the beauty industry closely, Jenner sold a majority stake of her Kylie Cosmetics empire to Coty Inc. The New York cosmetics company will own 51 percent of Jenner’s company, though both brands promise Jenner and her team will stay on to create and develop products. Coty also owns CoverGirl, Clairol, Rimmel and many other beauty brands. This new partnership, though, feels like the youngest and buzziest for the company yet.
Pierre Laubies, Coty Chief Executive Officer, said in a statement: “We are pleased to welcome Kylie into our organization and family. Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie’s brands to reach their full potential.”
Jenner added: “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. 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.”
As a consumer, you probably won’t notice any changes, especially since Jenner’s team will still handle ideation and communication for the brand. We’ll, of course, update you as this story continues to unfold.