Youngest ‘self-made billionaire’ Kylie Jenner has once again proved to be one of the smartest businesswomen by making a whopping $600 million deal with Coty Inc, an American beauty giant.
Coty is buying 51% shares of Kylie Cosmetics. The 22-year-old's brand, which also includes Kylie Skin, will then be controlled by beauty giant Coty. The stock price for Coty rose about 1% Monday, to around $12 a share, on the news of the acquisition. Coty beauty also owns CoverGirl, Tiffany & Co, Gucci, Balenciaga, Rimmel London and Hugo Boss and Burberry fragrances.
Coty said on Monday that it would pay $600m for a 51% stake in Kylie Cosmetics. It plans to launch more products under the Kylie brand and sell them in more countries around the world. The deal is expected to be completed early next year, The Guardian reported.
“I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Jenner 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," she added.
Kylie started her makeup line in 2015 with lipstick and lip liner kits. Being one of the biggest social media influencers, the kits were sold out within minutes of launching.