Billionaire beauty mogul Kylie Jenner sold a $600 million stake in her Kylie Cosmetics and Kylie Skin businesses to Coty Inc., which is home to dozens of beauty brands like CoverGirl, ghd and OPI.
Coty will have a 51 percent ownership in a partnership with Jenner, which was announced Monday (11/18) in a press release:
"Coty Inc.and Kylie Jenner announced today that they have entered into a long-term strategic partnership in order to jointly build and further develop Kylie's existing beauty business into a global powerhouse brand," read the press release. Coty Inc. "will have overall responsibility for the portfolio's development, leveraging its global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise, as well as its deep understanding of the fragrances, cosmetics and skincare categories. In addition to its responsibilities within the partnership, Coty will act as a licensee for skincare, fragrances, and nail products," the press release stated.
Jenner said, "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. 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."
Source: eonline; photo: Getty Images