Kylie Jenner has sold 51% of her cosmetics company, Kylie Cosmetics, to Coty, an international beauty conglomerate that aims to take the Jenner’s brand to another level on the international beauty market. The massive deal saw Jenner sell the majority stake in her company for $600 million after Coty valued the company at $1.2 billion.
New Future For The Cosmetics Brand
The strategic partnership between the two brands will still see Jenner as the face of the company, as well as the creative leader. Consumers are likely to see little change in the way of the product, as Jenner and her team will remain at the forefront of every product and marketing campaign that comes out of the brand.
The partnership includes both Kylie Cosmetics and Kylie Skin, which launched earlier this year and sold out completely in a matter of hours. But it won’t happen overnight. Coty announced that the acquisition, which was just announced on Monday morning, won’t close until the third quarter of 2020.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” said Jenner in a statement released via Coty on Monday morning. “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. 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,” she continued.
Kylie Cosmetics Goes International
Part of the reason behind the acquisition deal was for Jenner and her team to be able to focus on product development and marketing while Coty focuses on expanding the brand into an internationally known cosmetics brand.
When Jenner launched the brand back in 2015 it had only three products and shipped internationally for a hefty price. Since then, Jenner has turned the brand into a full-scale cosmetics line with dozens of product-types and hundreds of colors and formulas to choose from.
Its trademark lip kit—a liquid lipstick and matching lip liner—was what launched the company’s massive success in the first place. Since then, Jenner’s persistent marketing strategy and dedication to making the cosmetics line her main focus as an entrepreneur assured its longevity as a celebrity-backed brand.
Last week marked the anniversary of the brands presence in Ulta, one of the biggest cosmetics and beauty retailers in the country. Kylie Cosmetics’ step into the retail industry represented one of the many direct to consumer beauty companies to do so in recent years. Like Glossier, another cult-like beauty brand, Kylie Cosmetics got its start in the direct to consumer market before venturing into retail spaces.
Coty, which owns other major personal care brands such as Burberry, O.P.I., Covergirl, and Rimmel, among many others, is one of the biggest beauty conglomerates in the world. The company is listed publicly under COTY.