Kylie Jenner sells majority stake in her cosmetics company for €542 million
Kylie Jenner has sold the majority stake in her cosmetics company for €542 million ($600 million).
The 22-year-old sold 51 per cent of her company, Kylie Cosmetics, to Coty. The company owns other brands like Covergirl, OPI and Rimmel.
In a statement [via PEOPLE], Kylie said she was "excited" to be working with the company, and that she and her team will continue to lead creative efforts in terms of product and communications initiatives.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media,” she said. “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.”
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Peter Harf, chairman of the board, said that the partnership between the two companies "is an exciting step in Coty's renewed emphasis on its beauty business.
"Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together," he continued.
“We are pleased to welcome Kylie into our organisation and family," Coty’s Chief Creative Officer, Pierre Laubiues, said. "Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie’s brands to reach their full potential.”