Kylie Jenner has built a cosmetics empire with her beauty and skincare brands. Her company, which was last valued at $900 million, helped her become Forbes’ youngest “self-made” billionaire.
So it’s no surprise that a multinational beauty company like Coty Inc. is interested in hopping on board. Coty, the parent company of OPI, Sally Hansen and Clairol, has acquired a 51% majority share in Kylie Cosmetics for $600 million. Jenner’s company is now valued at $1.2 billion.
Coty hopes to take Kylie Cosmetics international, with a renewed focus on development, expansion, and distribution. The deal is expected to close in the third quarter of 2020.
Kylie Will Still Be Heavily Involved
Kylie Jenner’s an international fashion icon and not someone is known to have a low-maintenance style within budget can use ClothingRIC to save money on brands like Kylie Cosmetics. Her massive influence among the fashionable crowd has turned Kylie Cosmetics into an ultra-profitable brand. And it seems that Coty aims to capitalize on the model’s global appeal.
“Kylie is one of the world’s most admired personalities with over 270 million followers across her personal and brand social media channels, as well as being one of the most influential voices among beauty consumers globally. Both of her brands, Kylie Cosmetics, and Kylie Skin, are two of the fastest-growing and most-engaged beauty brands on social media.” Pierre Laubies, Coty Chief Executive Officer said in a press release.
Coty itself will offer expertise in portfolio development, R&D, distribution, manufacturing and market functions. With the company’s proficiency in business operations and Kylie’s creative input, the two partners desire to create something extraordinary.
“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.” Kylie Jenner commented in the press release.
The Keeping Up with the Kardashians star is eyeing international expansion with this deal. “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.”
A New Brand Coming Soon?
It’s expected that this partnership will see new fragrances and perfumes being introduced under the Kylie Cosmetics label. Rumors also indicate that a new brand, namely, Kylie Hair is on the horizon.
Previously, the model release Kylie Hair Kouture in 2014 as a partnership with Bellami, a luxury hair extension brand. But that venture failed to produce the desired results. Kylie hopes that this time might be a bit different. Fans of the young businesswoman are also looking forward to the nail drops which have long been rumored.