Kylie Jenner in $600m cosmetics deal with Coty
Kylie Jenner: youngest self-made billionaire (pic: Kylie Jenner/Instagram)
Reality TV star Kylie Jenner is selling a 51% stake in her cosmetics company Kylie Cosmetics for $600m (£463m) to beauty giant Coty, owner of Max Factor and Sally Hansen.
The 22-year-old’s company is now valued at $1.2 billion and her products will be promoted beyond the social media platforms that have helped make her fortune.
Coty was attracted to Ms Jenner’s range of lip liners and nail polishes as a means to expand in a crucial sector. The company, along with other established brands, has struggled to crack the under-35s market.
Ms Jenner, part of the Keeping Up with the Kardashians reality show family, founded her company in 2015.
Her success has been driven by Instagram in particular, with the brand’s Instagram followers growing by 7,000 a day.
In a statement, Coty said: “Coty Inc.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 unrivaled global reach capabilities through social media.”
Ms 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.
“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.'”