Kylie Jenner made a major business move! After owning Kylie Cosmetics since 2015, the mogul has made the decision to sell 51% of her company.
Kylie Jenner, 22, has a new business partner when it comes to her Kylie Cosmetics line. The mogul sold 51% of her company to beauty conglomerate Coty for $600 million. What a pay day! The major move now means Kylie no longer owns majority stock in her company, with Coty — who owns beauty brands including Covergirl, OPI, Rimmel, GHD and Clairol — taking the majority. Although Kylie did sell the majority stake in her company, she and her team fervently stated they would continue to maintain creative and communication operations for the foreseeable future.
The Keeping Up With The Kardashians star is “excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” according to a release provided to People. “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.”
The newfound partnership, while a major internal business change, offers Coty, Kylie Cosmetics and Kylie Skin an opportunity to expand to more retailers on a global level. Coty also sees a lot of potential in expanding the brand into fragrances, which means fans could be getting some exciting and entirely new products in the future. Ultimately, Coty will be building on the foundation Kylie built when she launched her company in 2015. Until today’s recent news, Kylie had been the sole owner of Kylie Cosmetics stock.
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In July 2018, the overall potential for Kylie’s business and brand made headlines when she graced the cover of Forbes. At the time, Kylie was named one of the youngest — if not, the youngest — self-made billionaires in the world. While there was a slew of dissent from social media, even the official Twitter account for Dictionary.com got in on the action, Kylie’s business has unquestionably continued to flourish and expand since it’s inception, giving way to a new generation of social media influencers capitalizing on new business moves and partnerships.
For Kylie, though, her business has been and always will be very personal. “I had an insecurity with my lips when I was younger, so I turned to makeup to help me feel more confident,” Kylie explained in a clip for Forbes. “I went to the makeup store and I just didn’t even know really what colors I was picking. I was just like, ‘I want some lip liner that looks like the color 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 color that was perfect for me so that’s where the lip kit started.”
Sourse: hollywoodlife.com
