On Monday, Nov 18, Kylie Jenner sold 51% of Kylie Cosmetics to Coty, a beauty company, for $600 million, valuing her company at almost $1.2 billion. It feels like she just came out with her liquid lipsticks a week ago! Did Kylie create Kylie Cosmetics just to make money? Does she genuinely have a passion for makeup and beauty? I’m here to tell you everything you need to know.
Courtesy: @KylieJenner
We can all agree that Kylie, especially at such a young age, is taking over the business world. The empire that she has built has become a household name. Why would she even think about selling the company that has brought her so much success? Apparently sales have been declining since July. By no means has Kylie Cosmetics become unsuccessful, but it’s hard to fall down when you’ve been up for so long. It seems as if this was the perfect time to hand over her brand and let someone else take the wheel. She sold Kylie Cosmetics to Coty with an agreement that she would still have a majority of the creative control with the brand. There’s no way her fans will continue to buy her products if she isn’t the face of it anymore.
Courtesy: @KylieJenner
Coty, which also owns brands like Rimmel, Covergirl, and OPI, plans to work with Kylie to expand into other categories she hasn’t explored yet. In an interview with CNBC Kris Jenner spoke about her daughter’s bold business move. She says, “It’s also a moment to just look forward and be really excited about the future. I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That’s the vision.” Kris goes on to explain that Kylie is truly so passionate about what she does and that she could see herself doing this forever. She even might pass it down to her daughter Stormi one day! In the beauty world, Kylie has barely scratched the surface. There’s so much more to be done with her brand and she believes that working with Coty will help her accomplish her sought-after goals.
Courtesy: Giphy
If you haven’t heard, Kylie Jenner has been named the world’s youngest self-made billionaire by Forbes this year, and in 2018 she was ranked among the most successful female businesswomen. Is there anything that she can’t do? When she worked alongside with Ulta this past year, her revenues climbed 9%, estimating the brand’s value at $900 million. Now that her brand is worth over one billion dollars after selling to Coty, Kylie will be given so much creative freedom to expand Kylie Cosmetics in unseen ways.
Kylie just released her holiday collection this past week. Of course, it sold out almost immediately. We’re not surprised. What’s next for Kylie Cosmetics? She’s already done skincare. It would be fun to see her branch into something like haircare or her own line of nail polish. This is a big step for Kylie. We can’t wait to hear more!
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