It’s a huge vote of confidence for the youngest Jenner.
WWD has confirmed this morning that global beauty juggernaut Coty has acquired a 51 per cent stake in Kylie Cosmetics, for USD$600 million.
The plan, according to a statement, is to leverage the success of the business so far and combine it with Coty’s research and development, distribution and market expertise.
“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 skin care, allowing Kylie’s brand to reach their full potential,” Pierre Laubies, the CEO of Coty, said.
Jenner said the opportunity allows the brand to be built into an “international beauty powerhouse” whilst her and her team focus on developing products that speak to her consumer. “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,” Jenner said in the statement.
Coty will oversee all elements of the Kylie Cosmetics business, including Kylie Skin and fragrance. There are also plans to extend the product offering via new categories.
Peter Harf, Coty’s chairman, added, “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.”
Kylie Cosmetics (which announced the launch of its holiday collection over the weekend) has been an incredible success story since its launch, earning Jenner the title of Forbes’ youngest self-made billionaire in 2018. Back in November, Jenner expanded her retail presence, selling products at Ulta stores in the US. At present, it is reported that the company is worth USD$900 million. And if this latest announcement is any indicator, that number is set to exponentially soar in the coming years.