Kylie Jenner has been able to become the world’s youngest billionaire after building an empire with her Kylie Cosmetics makeup line. It’s worth $1.2 billion but now, she has sold majority ownership at 51%, according to TMZ.
The amount in cash is a whopping $600 million which was sold to Coty. They are behind brands such as Clairol, CoverGirl and Max Factor. In a joint statement, Coty said Kylie would continue to “lead all creative efforts and communications initiatives.”
Kylie feels that Coty can contribute to Kylie Cosmetics in a major way as she said she’s excited to partner with them to “continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world.” She went on to say that this partnership will allow her and her team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse.
Jenner will continue to profit millions from her cosmetic line anyway so this is a win-win situation for both sides. Congrats to both on the deal.
