Although Kylie Jenner sold off a majority of her estimated $1.2 billion beauty brand, we’ve EXCLUSIVELY learned that she’s ‘super excited about this next phase’ of Kylie Cosmetics.
Kylie Jenner is now $600 million richer. The 22-year-old Keeping Up with the Kardashians star announced that she sold off a 51% stake in Kylie Cosmetics to beauty conglomerate Coty on Nov. 18. With Kylie Cosmetics valued at nearly $1.2 billion, Ky has gotten paid. However, just because she’s no longer the controlling shareholder of the brand bearing her name, don’t think that she’s out of the game. “Kylie did not sell the majority of her company because she wants to step back,” a source EXCLUSIVELY told HollywoodLife, “but rather because she sees this as an incredible opportunity to help grow her cosmetics and skin line even further than before.”
“She is going to remain just as hands-on with the line,” the source tells HollywoodLife, “but she decided to team up with Coty in order to continue growing her empire. Kylie is super excited about this next phase of her brand, and she looks forward to seeing where it goes next.” Coty, when announcing the sale, said it would head up the strategic expansion of the brand into new markets as well as beauty categories, according to Ad Week. Kylie will continue to lead product and communication initiatives. With 151 million Instagram followers (aka 151 million dedicated customers), there really is no one better to manage those “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 in a statement. “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.”
Kylie’s path to becoming a billionaire and a beauty mogul began in 2015 with the launch of Kylie’s Lip Kits. Using $250,000 she made from modeling gigs to pay an outside company to make the first 15,000 kits (“I said, ‘I’m ready to put up my own money. I don’t want to do it with anyone else,’ “ she told Forbes in 2018), Kylie teased the kits launch for months until they went on sale on Nov. 30, 2015. They sold out in less than a minute. “Before I even refreshed the page, everything was sold out,” Kylie told Forbes. The line was rebranded Kylie Cosmetics, and it only got bigger from there. In November 2016, her holiday collection sold nearly $19 million worth of orders in the first 24 hours after it went on sale.
In March 2019, Forbes labeled Kylie the youngest self-made billionaire in world history (though many disputed the “self-made” label since she was born into a famous and well-to-do family.) However, with this sale to Coty, there’s no arguing her wealth now.
Sourse: hollywoodlife.com
