Celebrity businesswoman Kylie Jenner (22) will sell a 51% stake in her cosmetics company to Coty Company for $600 million.
Coty is a New York cosmetics firm, has several international beauty brands such as Covergirl.
Coty made the deal, valuing Jenner’s company Kylie Cosmetics for $ 1.2 billion.
Announcing the partnership on Monday, the two companies said – this will help expand the Kylie brand globally and join the new category.
Kylie Jenner’s 270 million followers on social media
- Coty will also try to capitalize on the fan following of reality TV star Jenner through this agreement to attract the youth. Jenner has 270 million followers on social media. On the deal with Coty, Jenner said- This partnership will help me and my team to focus on the creation and development of every product.
- Jenner is also the youngest billionaire in the world. His company’s sales last year were $ 360 million. He was named the Youngest Self-Made Billionaire in the 2018 list by Forbes. Earlier, the title was named after Facebook founder Mark Zuckerberg. He became a billionaire at the age of 23.
- Coty expects revenue growth in the fragrance, cosmetics and skincare businesses to grow 1% annually over the next 3 years. The deal is expected to be completed in the third quarter of FY 2020. Coty’s revenue from the cosmetics brand was $ 177 million last year.