Beauty company Coty is
buying a 51% stake in Kylie Jenner’s cosmetics business for $600 million.
The companies in
announcing the deal on Monday deal, which values the young entrepreneur’s
namesake beauty brand at $1.2 billion, saying it will enable “global
expansion and entry into new beauty categories,”.
Jenner, whom Forbes
has described as the youngest “self-made billionaire,” will remain
the face of both of her brands, Kylie Cosmetics and Kylie Skin.
The 22-year old has
become one of the most influential celebrities, amassing more than 270 million
followers on social media. The youngest member of the Kardashian clan founded
the company in 2015, when she was still a teenager.
“I’m excited to
partner with Coty to continue to reach even more fans of Kylie Cosmetics and
Kylie Skin around the world,”
Jenner who expressed
joy at the partnership said in a statement,”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 CEO Pierre
Laubies in a statement said “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,”.
Publicly traded Coty
Inc. is one of the world’s leading beauty companies, with roughly $9 billion in
net revenue. Its portfolio of brands includes mainstream, luxury and
professional beauty brands like Covergirl, Burberry fragrances, Marc Jacobs
Fragrances and more.
Coty’s stock price
rose about 1% Monday, to around $12 a share, on the news of the Jenner
acquisition.
