Kylie Jenner decides to sell majority stake from Kylie Cosmetics for $600 million to Coty Inc. and she will stay as the creative leader.
The cosmetic mogul will be selling 51% of her Kylie Cosmetics stake to the New York based company that also owns the brand CoverGirl and several other international beauty brands.
This partnership between Kylie Cosmetics and Coty will help the former enter new cosmetic categories and expand globally, stated through a press release, as per CNN.
“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 Jenner said.
“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,” the ‘Keeping Up With The Kardashians’ star continued.
Coty stated that the partnership is a “key milestone” for them. They announced a $600 million turnaround plan in June that includes layoffs and and streamlining.
Coty also declared the $3 billion value of the brands it acquired in 2015, including Clairol and CoverGirl.
“We are please 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 Jenner’s brands to reach their full potential,” Coty Chief Creative Officer, Pierre Laubiues stated.