Coty Inc. has announced their acquisition of 51% of Kylie Jenner’s namesake beauty brands, Kylie Cosmetics and Kylie Skin for a cool $600 million.
Coty, the cosmetics conglomerate behind brands like Covergirl, OPI and Sally Hansen, hopes to leverage Kylie’s social media influence and turn the company into a “global powerhouse brand”. That means Jenner/Kardashian stans worldwide will be able to get their hands on Kylie’s products with much greater ease.
“This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business,” said Peter Harf, chairman of the board, in a statement. “Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together.”
Kylie launched her beauty brand in 2015 with three lip kits (flashback to Dolce K, Candy K and True Brown K), which sold out in mere minutes. Since then, she has expanded into several categories of makeup (such as highlighters, known as ‘Kylighters’ and eyebrow products, known ‘Kybrows’) and an endless parade of seasonal launches and collabs, including a recent one with luxury French fashion house Balmain.
The success of her line is greatly credited to her massive following on social media, which made her enough coin to land her on the Forbes list last year as the youngest “self-made” billionaire (with the “self-made” bit becoming the subject of heated debate).
“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,” said Jenner in the press release.
Jenner and her team will take the lead on creative product development, social media and communications (is anyone surprised?) while Coty will oversee the remainder of activities. So rest assured, you’ll still be able to keep up with her product reveals and golden-hour swatching stories on the ‘gram – and that’s all we really ask for.
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