Kylie Jenner is once again proving herself to be one hell of a business woman. People reports that the makeup mogul has officially sold a majority stake in her business to beauty conglomerate Coty for $600 million. Kylie has maintained 100% control of Kylie Cosmetics since its opening in 2015, but after the deal made this week, Coty will now have 51% of the overall stake.
Coty also owns huge beauty brands including Covergirl, OPI, Rimmel, GHD and Clairol, and while they have the majority control of the company now, Kylie and her team will reportedly still be in charge of the all creative efforts of product development and communication initiatives.
The Keeping Up With the Kardashians star revealed her excitement in a release:
“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.”
It seems that the merger is truly a move to strengthen the already-thriving cosmetics company. Of Kylie’s current business model, Coty’s Chief Financial Officer Pierre-André Terisse stated, “We don’t see any weaknesses. We see strength everywhere. We see strength in cosmetics. We see strength in skincare both digitally and in the launch in Ulta.”
We will have to see what kind of success this exciting new business move brings to the 22-year-old billionaire.