Did Kylie Just Sell Kylie Cosmetics?

Did Kylie Jenner just sell Kylie Cosmetics? Sort of...

November 18, 2019

© Michael Sears / Milwaukee Journal Sentinel

Categories: 

So what do you do when you become a billionaire? Sell the company that made you one!

At least that's what Kylie Jenner just did.

Kylie Jenner has reportedly just sold her majority share of Kylie Cosmetics to a company called COTY for $600 million!

You may not have heard of this company but they are also a part of OPI, Rimmel London and Sally Hansen.

They released the following statement about the purchase:

NEW YORK -- Coty Inc. (NYSE:COTY) and Kylie Jenner announced today that they have entered into a long-term strategic partnership in order to jointly build and further develop Kylie’s existing beauty business into a global powerhouse brand.  Together, Coty and Kylie will set and lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories.  Kylie and her team will continue to lead all creative efforts in terms of product and communications initiatives, building on her unrivalled global reach capabilities through social media.  
 
Kylie is one of the world’s most admired personalities with over 270 million followers across her personal and brand social media channels, as well as being one of the most influential voices among beauty consumers globally. Both of her brands, Kylie Cosmetics and Kylie Skin, are two of the fastest-growing and most-engaged beauty brands on social media.

Pierre Laubies, Coty Chief Executive Officer, added, “We are pleased 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’s brands to reach their full potential.”
 
Kylie Jenner commented:  “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. 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.”

To read the full release, click here.

Way to go Kylie! Self-made or not, she's got it made.