Since becoming the youngest "self-made" billionaire with a cosmetics company last valued at $900 million, everyone wants a slice of Kylie Jenner's beauty pie. Now, thanks to a major deal with beauty conglomerate Coty Inc, it's about to be bigger than ever.
Today, Coty acquired a 51% stake in the Kylie Cosmetics empire for $600 million in cash (which puts Jenner's company at a new $1.2 billion valuation). The deal, which is expected to close at the end of 2020, makes Coty responsible for Kylie Cosmetics' development, expansion, and distribution into new markets, with a focus on international business.
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According to Coty, the brand will also act as a licensee for new skin-care, fragrance, and nail products for Kylie Cosmetics. "Together, Coty and Kylie will set and lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories," a Coty rep announced in a press release.
Coty, which currently has a diverse portfolio of consumer and luxury brands, including CoverGirl, Rimmel London, Marc Jacobs, Gucci, and Mui Mui fragrances, hopes that the Kylie Cosmetics acquisition will sharpen its edge in the consumer goods category. "We believe in the high potential of building a global beauty brand together," Coty said in the announcement.
Now that the two brands have officially joined forces, it can only mean one thing for Kylie Cosmetics fans: more product launches all over the world — and what looks to be the long-awaited arrival of those rumoured nail and fragrance drops.