Makeup mogul Kylie Jenner has sold a majority stake in her cosmetics company for $600 million.
The “Keeping Up With the Kardashians” star has given 51 percent of her makeup and skin care businesses to beauty giant Coty — which owns around 77 brands including Hugo Boss, Burberry, Rimmel and Max Factor — in exchange for the lump sum.
The 22-year-old makeup guru 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.”
While Coty will have overall responsibility for Jenner’s company, the brunette beauty will still work alongside her team to lead creative efforts and communications.
Coty CEO Pierre Laubies said: “We are pleased to welcome Kylie into our organization and family. 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.”
Since the announcement, the shares in Coty have shot up by 5 percent — even though the deal isn’t expected to be closed until the third quarter of the fiscal year 2020.
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