Makeup mogul, Kylie Jenner is doing well with her makeup line, Kylie Cosmetics. Jenner just took a big step and decided to sell a huge stake of it. Coty Inc., the parent company behind CoverGirl, Rimmel, OPI, and more, announces that it will acquire a 51 percent stake in Kylie Cosmetics for $600 million.
— Kylie Jenner (@KylieJenner) November 18, 2019
A press release reveals that this exchange is a “strategic partnership.” Jenner and Coty will “jointly” excel the future of the brand. Even though Coty owns 51%, Jenner will remain in charge and possess creative control. “This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business,” a press statement says. “Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together.”
Jenner also released a statement assuring fans that their lip kits will still have Kylie’s King Midas touch. She states, “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” the statement reads. “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.”
Founded in 1904, Coty brings over a century of beauty experience to the partnership. “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’s brands to reach their full potential,” said Coty CEO Pierre Laubies.
The deal between Jenner and Coty is expected to close in mid-2020.