Beauty mogul Kylie Jenner today (November 18, 2019) announced she’s selling 51 percent of Kylie Cosmetics for $600 million to Coty, a publicly-traded American multinational beauty company founded in 1904 with a roster that includes Clairol, CoverGirl, Max Factor, OPI, Rimmel, Sally Hansen and Wella.
The 22-year-old Jenner sold 51 percent of the company for $600 million, a sum that puts her company’s total evaluation at $1.2 billion. The transaction also puts a lid on critics who viewed Forbes’ March ’19 billion-dollar valuation of Kylie Cosmetics as excessive.
As part of the deal, Jenner will stay on as a brand creative director. In a press release, Jenner 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.”
Kylie Cosmetics, according to a Coty press release, generated approximately $177 million in revenue over the past year. The deal has been described as a key milestone for the company and according to press 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.”