Beauty firm Coty is purchasing a whooping 51% stake in Kylie Jenner’s cosmetics company for $600 million. She has decided to sell the major stake but she is still staying in her company as its original leader. Kylie has been termed as the youngest self-made billionaire by Forbes earlier. Her beauty brand worths at around $1.2 billion. Kylie, 22-year old has grown to be one of the most prominent celebrities. Moreover, she has gathered more than 270 million followers on social media.
Coty said it will use its analysis and growth, manufacturing, distribution, and financial reserves to expand Jenner’s company. The company also stated that this deal will help in “global expansion and entry into new beauty categories.” After the deal announcement was made public, Coty’s stock price rose. It was raised about 1% on 18th November to around $12 a share, on the release of the Jenner acquisition.
Coty CEO Pierre Laubies stated that – “Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products. It is an exciting next step in our transformation.
It is noteworthy that, Coty is the world’s renowned beauty company. Above all, it has approximately $9 billion in net revenue. Its collection of brands and trademarks constitutes mainstream, leisure and acknowledged beauty brands like Covergirl, Burberry fragrances, Marc Jacobs Fragrances and many more. The acquisition dealings are assumed to close in the third quarter of 2020.
Kylie: Excited To Be Partner Of Coty
Kylie said in a statement that – “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world.” She further stated – “This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse.” Through the partnership with Jenner, Coty sees much potential in growing the division of Kylie Cosmetics and Kylie Skin into more retailers, both in the U.S. and globally.