Kylie Jenner Just Sold $600 Million Worth of Her Company’s Stake to Coty
Kylie Jenner has maintained full ownership of Kylie Cosmetics since its launch in 2015, but according to Business of Fashion the mogul sold a majority stake to beauty conglomerate Coty – for a whopping $600 million!
That price is apparently 51 percent of the total value of Kylie Cosmetics. Coty also owns other beauty brands like Covergirl, OPI, Rimmel, GHD and Clairol.
So, if $600 million is 51 percent, then that also means the sale valued the company at almost $1.2 billion. Not bad!
According to an official release, Kylie and her team will continue to lead all creative efforts of product development and communication initiatives, despite the sell.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” she said in a statement. “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.”
Well… it looks like Kylie made a very smart choice, don’t you think?