Kylie Jenner’s beauty empire might have made already made her a self-made billionaire, but it looks like she’s no longer the majority share holder in the company.
In what looks to be one major business deal, it’s been announced that the 22-year-old Kylie Cosmetics and Kylie skin creator has entered a partnership with cosmetics brand Coty.
Coty, which also owns Covergirl, purchased 51 percent, or the majority share,, of Jenner’s brands for a reported $600 million.
According to a joint media release, “they have entered into a long-term strategic partnership in order to jointly build and further develop Kylie’s existing beauty business into a global powerhouse brand.”
The release also states that Kylie and her team “will continue to lead all creative efforts in terms of product and communication initiatives.”
“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. “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,” she added.
Coty is hoping to tap into Kylie’s massive online reach as part of the partnership and is expecting to drive company shares up by 5 per cent as they work with Kylie to focus on global expansion.
“This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business,” said Peter Hard, Coty’s Chairman of the Board.
“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.”
This comes just after Kylie unveiled her latest collection of Kylie Cosmetics for the 2019 Christmas Holidays.