Kylie Jenner sold a 51 percent stake in her cosmetics and skincare businesses to beauty conglomerate Coty for $600 million
Kris Jenner is speaking out about Kylie Jenner‘s major beauty deal.
Just one day after the news broke that Kylie signed a $600 million deal to sell a majority stake of Kylie Cosmetics to beauty conglomerate Coty, the Kardashian-Jenner family matriarch and momager, 64, opened up about her 22-year-old daughter’s business move in an interview with CNBC’s Squawk Box. “Yesterday was a really big day for Kylie and our team at Kylie Cosmetics. [It was] truly a moment for our family to be proud,” Kris, who’s also the CEO of Jenner Communications, said. “It’s kind of a crystallization of all our work.”
While Kylie sold a 51 percent stake in her booming beauty business, Kris said her daughter is excited to continue working with Coty to grow her brands worldwide.
“It’s also a moment to just look forward and be really excited about the future. I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That’s the vision,” Kris explained. “We decided to partner with Coty because they share the same vision as we do in building this into a huge thing. We dream big and this is something we’re so excited about.”
Coty, which owns other beauty brands including Rimmel London, GHD, OPI, CoverGirl and Clairol, plans on working with Kylie to expand into more untouched categories.
“This is her baby and this is her dream, to build this beauty empire and just go into many categories that she hasn’t even scratched the surface,” Kris said. “She looks forward to working with Coty to develop more categories and going into other areas of the beauty business.”
Even though Kris said the Kardashian-Jenner family still “enjoys what we’re doing” in terms of filming their mega-hit reality series Keeping Up with the Kardashians, she does note that Kylie’s heart lies in her business ventures. “She feels like this is where she belongs. This is where her passion is and she wants to really — wants to use her creative side to develop her brand. And this is what she wants to do for the rest of her life,” she said. “[Kylie] talks about it all the time. Twenty years from now she sees herself doing this and maybe passing it down to her daughter [21-month-old Stormi].”
Kylie initially owned 100 percent of Kylie Cosmetics and Kylie Skin ever since she first entered the beauty industry in 2015 with the launch of her Lip Kits. The sale of her company to Coty for $600 million valued it at almost $1.2 billion. As part of the deal, Kylie and her team will still continue to lead all creative efforts of product development and communication initiatives.
“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,” Jenner said in a release.
She also addressed the sale on Twitter. “I can’t wait for all of the amazing things to come for @kylieskin and @kyliecosmetics! I’m excited to partner with @cotyinc to continue to expand my brands globally.. This is only the beginning!” she wrote.
Thanks to the success of her cosmetics and skincare endeavors, Jenner was named the world’s youngest self-made billionaire by Forbes in March 2019.
Driven by Kylie Cosmetics’ expansion into Ulta in 2018, the company’s revenue climbed 9 percent last year to an estimated $360 million, with the overall valuation of the brand estimated at $900 million, which Forbes called a “conservative” report at the time.
In July 2018, when Jenner graced the cover of Forbes‘ ranking of the most successful female businesswomen, the outlet reported that Kylie Cosmetics has sold more than $630 million worth of makeup since its initial launch, which includes an estimated $330 million in 2017 alone. Combining all of the mogul’s profits, Forbes estimated the brand alone was worth nearly $800 million at the time.