The youngest self-made billionaire is cashing in. Kylie Jenner sold a majority stake of her Kylie Cosmetics beauty empire to Coty, the American cosmetic, haircare, skincare and fragrance brand, in a deal that was announced on Monday.
Jenner sold 51 percent of the company for $600 million, which indeed values Kylie Cosmetics at about $1.2 billion.
In a press release, the brand called the sale a “long-term strategic partnership” to turn Jenner’s business into “a global powerhouse brand.” They will work toward global expansion and developing products in more beauty categories (Jenner expanded into skincare recently with Kylie Skin). Jenner will continue to lead “all creative efforts,” with products and marketing to her 150 million Instagram followers.
Jenner said in a statement: “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.”
Coty will lead research and development, manufacturing, distribution and licensing for skincare, fragrances and nail items. CEO Pierre Laubies said in a statement, “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.”
The youngest Kardashian launched her line of lip kits in November 2015, kicking off her Kylie Cosmetics business. By July 2018, Forbes named her the youngest self-made billionaire after amassing $900 million by age 20. The same month, Forbes estimated Kim Kardashian West’s net worth at $350 million. Kardashian West also leveraged her fame into beauty companies, KKW Beauty and KKW Fragrance, starting in 2017. This year, she debuted her shapewear and lingerie brand Skims, formerly called Kimono.
Jenner sells her products online and at Ulta, taking in about $177 million in the past year.