Update: Earlier this week, Kylie Jenner cut a $600 million beauty deal with Coty Inc. — and her O.G. momager, Kris Jenner, wasn't too far behind in celebrating her daughter's huge feat.
Jenner spoke to CNBC about the massive deal, sharing that the primary goal of the Kylie x Coty partnership is to make the beauty brand bigger and better. "The goal is to keep building Kylie's existing beauty business into a global powerhouse brand. That's the vision," she said.
As Jenner explained, the deal will help Kylie Cosmetics and Kylie Skin expand into new areas of the beauty business while developing new categories. "She wants to use her creative side to develop her brand, and this is what she wants to do for the rest of her life," Jenner said. "Twenty years from now, she sees herself doing this and maybe passing it on to her daughter."
This story was originally published on November 18, 2019.
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.
Jenner confirmed the news on Twitter this afternoon. "I can't wait for all of the amazing things to come for Kylie Skin and Kylie Cosmetics," she wrote to her 29 million followers. "I'm excited to partner with Coty Inc. to continue to expand my brands globally. This is only the beginning."
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 rumored nail and fragrance drops.