Kylie Jenner just got even richer.
The world’s youngest self-made billionaire has officially sold a majority stake of her beauty company Kylie Cosmetics to Coty for $600 million. According to Business of Fashion, the 22-year-old business mogul sold a 51 percent stake in her company, which she’s owned since 2015 and is worth a reported $1.2 billion, to the beauty conglomerate that owns Covergirl, Rimmel, GHD, Clairol, and OPI. While Kylie is no longer majority owner, she will continue to “lead all creative efforts of product development and communication initiatives,” per an official press release shared via People.
“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,” Kylie 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’s Chief Creative Officer, Pierre Laubiues, also spoke of expanding Kylie Cosmetics and Kylie Skin’s product offerings, hinting that Kylie Cosmetics will also tap into the fragrance market. “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,” she said.
As fans know, Kylie become became the youngest “self-made” billionaire EVER in March, dethroning Facebook creator Mark Zuckerberg, who joined the billy club at 23-years-old. “I didn’t expect anything. I did not foresee the future,” Kylie told Forbes at the time. “But [the recognition] feels really good. That’s a nice pat on the back.”
Kylie’s crowning as a ten-figure woman came nearly eight months after the finance magazine revealed to the world, that she’d built a $900 million fortune with Kylie Cosmetics, in less than three years.
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