Kylie Jenner shocked fans yesterday when it was announced she sold the majority stake in her booming beauty business. The cosmetics mogul sold 51 percent of Kylie Skin and Kylie Cosmetics to Coty Inc. for a whopping $600 million.
Although she is no longer a majority shareholder in her companies, Kylie and her team will still lead all product development. The billionaire will also remain in charge of all communications initiatives when it comes to her brands.
Kylie assured fans on social media that she is entering a partnership with Coty Inc. Therefore, all of her signature products, like the infamous Lip Kits, will still have Kylie’s signature touch.
— Kylie Jenner (@KylieJenner) November 18, 2019
So, who is Coty Inc. the lucky company to be partnering with Kylie?
Coty Inc. is an American multinational beauty company that has been around since 1904. Coty is a parent company to several infamous brands associated with skincare, makeup, haircare, fragrances, and nail care.
The company specializes in bringing consumers the best in luxury, professional and retail products. Some of the popular brands owned by the company are Bourjois, Clairol, Cover Girl, Max Factor, OPI, Rimmel, and Sally Hansen.
There is no question Coty has the experience and knowledge of the beauty industry to help take Kylie’s brands to the next level. According to its mission statement, the company has a “radically inclusive attitude” when it comes to beauty. Coty aspires to help people express beauty in their own way.
The deal with Kylie is not the first big partnership Coty has ventured into. They also have a significant stake in Procter & Gamble, as well as a licensing agreement with Tiffany & Co.
Fans may be shocked by Kylie Jenner selling a majority stake in Kylie Cosmetics and Kylie Skin to Coty Inc. but remember, the billionaire does not do anything without a good reason. She is, after all, the daughter of momager, Kris Jenner, who has built an empire based on her children and their crazy family.
Kris shared with People that the deal will allow them “to just keep building Kylie’s existing beauty business into a global powerhouse brand.” She said Kylie chose Coty Inc. because all parties involved share the same vision.