Coty pays Kylie Jenner 600 million for a stake in Kylie Jenner Cosmetics
Kylie Jenner receives 600 million for beauty brand shares.
Kylie Jenner, founder of the cosmetics company Kylie Cosmetics, can officially add the word billionaire to her resume as she joins the cosmetics company Coty. This company gets $ 600 million (!) A 51 percent stake in Kylie’s beauty brand, making the 22-year-old the wealthiest member of the Kardashian-Jenner family.
“Kylie is a contemporary icon, with a great sense of beauty products for the consumer,” said Peter Harf, the chairman of the Coty Board of Directors.
“We believe in the potential of a joint development of beauty products worldwide.” The contract will be formally concluded next year.
Coty speaks of a ‘partnership’ and emphasizes that Kylie continues to play an active role in designing new products. She remains the face of her brand.
The financial man of Coty also has great confidence in the transaction. “Kylie has an unprecedented reach on social media among Z-generation consumers,” said the CFO. “She has 270 million followers. With a single message, she reaches more than twice as many people as every year Watch Super Bowl. ”
