Kylie Jenner has purchased a $600 million majority stake in her cosmetics agency.
Coty confirmed in a press launch Monday that it acquired 51 p.c ownership in Jenner’s magnificence enterprise, Kylie Cosmetics.
Coty acknowledged the partnership will assemble and extra develop Kylie Cosmetics into “a global powerhouse brand.” Coty will develop the Kylie Cosmetics portfolio and act as a licensee for skincare, fragrances and nail merchandise.
“We are pleased to welcome Kylie into our organization and family,” Coty CEO Pierre Laubies acknowledged. Combining Kylie’s ingenious imaginative and prescient and unparalleled shopper curiosity with Coty’s experience and administration in standing magnificence merchandise is an exciting subsequent step in our transformation and may leverage our core strengths spherical fragrances, cosmetics, and skincare, allowing Kylie’s producers to attain their full potential.”
In addition, the partnership will extra Coty’s transformation into “an extra centered and agile firm.” Coty owns larger than 77 producers, along with Clairol, Escada, OPI Products, Sally Hansen and Rimmel.
“This new partnership between Kylie and Coty is a thrilling step in Coty’s renewed emphasis on its magnificence enterprise. Kylie is a modern-day icon, with an unimaginable sense of the wonder shopper, and we consider within the excessive potential of constructing a worldwide magnificence model collectively,” board chairman Peter Harf acknowledged.
Jenner and her workforce will proceed to steer all ingenious efforts at Kylie Cosmetics, along with product and communications initiatives.
“I am excited to companion with Coty to proceed to achieve many more followers of Kylie Cosmetics and Kylie Skin around the globe. I sit up for persevering with the creativity and ingenuity for every assortment that customers have come to anticipate and interesting with my followers throughout social media,” Jenner mentioned. “This partnership will permit me and my workforce to remain centered on the creation and improvement of every product whereas constructing the model into a world magnificence powerhouse.”
Jenner, 22, initially made her foray into make-up alongside together with her Kylie Lip Kits in 2015 and launched Kylie Cosmetics for the next 12 months. Kylie Cosmetics launched a bunch with Balmain in all through Paris Fashion Week in September.
Jenner is the youthful daughter of Kris Jenner and Caitlyn Jenner, and stars alongside together with her family on the E! assortment Keeping Up with the Kardashians. She is sister to model Kendall Jenner and half-sister to Kourtney Kardashian, Kim Kardashian, Khloe Kardashian and Rob Kardashian.