American beauty conglomerate Coty Inc. has announced yesterday that it is acquiring a 51% stake in the celebrity’s beauty empire, Kylie Cosmetics, for $600 million in cash.
After earning the title of the world’s youngest self-made billionaire by Forbes, Kylie Jenner is about to get a lot richer. American beauty conglomerate Coty Inc. has announced yesterday that it is acquiring a 51% stake in the celebrity’s beauty empire, Kylie Cosmetics, for $600 million in cash.
This deal puts Jenner’s company at $1.2 billion valuation, significantly higher than Forbes’ estimated $900 million earlier this year. The 22-year-old founder will still own the remainder of the company and continue to lead its creative efforts and communications.
Jenner confirmed the news via her Twitter account that same afternoon: “I can’t wait for all of the amazing things to come for Kylie Skin and Kylie Cosmetics. I’m excited to partner with Coty Inc. to continue to expand my brands globally. This is only the beginning.”
I can’t wait for all of the amazing things to come for @kylieskin and @kyliecosmetics! I’m excited to partner with @cotyinc to continue to expand my brands globally.. This is only the beginning!
— Kylie Jenner (@KylieJenner) November 18, 2019
The deal is expected to close by the third quarter of next year, but what does this mean for fans of the brand?
According to Coty, we can expect product developments, expansions and distributions into new markets, with increased efforts in international business.
“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.
In other words, we could very well be getting the rumoured Kylie nail and fragrance products from this new partnership. Besides, Coty already has a diverse portfolio in this area, including fragrances by Marc Jacobs, Gucci and Mui Mui.
Only time will tell, but we can bet exciting times are ahead for the cult beauty brand.
Read more: How Kylie Jenner celebrated her 22nd birthday on Jho Low’s former Equanimity
