Kylie Jenner has really made a name for herself as a celebrity businesswoman. In the past year, she has become the world’s youngest billionaire and continues to expand her brands yearly. Her business started when she was producing $30 lip kits, and it soon advanced to other cosmetic products with the creation of Kylie Cosmetics. Jenner has even introduced a skincare line, Kylie Skin. With new palettes and creations coming out constantly, it is evident that Kylie cherishes her brands.
Big things are coming for Jenner in 2020. She has decided to partner with Coty Inc. for a chill $600 million dollars.
According to Harper’s Bazaar, Coty Inc. will own a 51% majority stake in Jenner’s cosmetic empire. Her brands are have said to be worth $1.2 billion dollars. Although Jenner has agreed to free the reigns a little bit, she is still going to be the brand’s creative leader.
“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,” Jenner said in an interview with CNN Business.
Coty Inc. is an important and strategic partnership for Jenner. Coty owns brands such as CoverGirl, Adidas, Rimmel and so much more. Kylie Cosmetic and Kylie Skin could truly benefit from this partnership.
“We are pleased to welcome Kylie into our organization and family. 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,” stated Pierre Laubies, Coty Chief Executive Officer on Coty’s website.
So what does this mean for Jenner’s brand? According to Harper’s Bazaar, “Coty will have overall responsibility for the portfolio’s development, leveraging its global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise, as well as its deep understanding of the fragrances, cosmetics and skincare categories. In addition to its responsibilities within the partnership, Coty will act as a licensee for skincare, fragrances, and nail products,”
The good news is that we can expect new and advanced things coming from Jenner’s brand. Kylie stated, “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.”