Kylie Jenner surprised her fans and followers after she agreed to sell Kylie Cosmetics -- but it is for the best.
Coty, which is majority-owned by Germany-based conglomerate JAB Holdings, bought the majority stake (51 percent) in Kylie's company for $600 million -- valuing it at $1.2 billion.
Coty CEO Pierre Laubies formally welcomed Kylie on a recent press released, saying that the transformation after combining Kylie's creativity and Coty's long-living consumer interests will uplift both Coty and Kylie's brands "to reach their full potential" in the next coming years.
What It Means for Kylie?
While she is losing the controlling interest in her company, Kylie sees it as a way to global dominatiion. Besides, Kylie still owns 49 percent equity in the company she started and will remain the face and creative lead of Kylie Cosmetics -- which will soon be renamed Kylie Beauty.
The sale is expected to grow and fulfill Kylie's dreams to turn Kylie Cosmetics into an international beauty powerhouse.
"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," Jenner said in a press release, via W Magazine.
Once they closed the deal in 2020, fans can finally see all Kylie Cosmetics and skincare products all over the globe!
Youngest Billionaire Wants More
"Forbes Magazine" named Kylie as the youngest self-made billionaire in 2018 at the age of 21. Aside from corporate partnerships and projects, she currently owns various beauty-related companies -- from cosmetics to clothing line.
Last year, Forbes documented the sales made by her umbrella companies. According to the report, Jenner successfully earned an income of $360 million in just a year.
To recall, she first launched Kylie Cosmetics in 2015 with her Lip Kits -- which obviously became instant hits. Even though they were only sold online, the kits became too popular that Jenner sold $420 million worth in just 18 months.
Kylie and Co. struck a deal in 2018 to sell her products across the U.S. in 1,100 Ulta Beauty stores.
The beauty mogul also topped Instagram's highest earners in 2019, making over $1.2 million per Instagram post -- thanks in large part to her 151 million followers.
With all these income-generating business, Jenner can just sit prettily anywhere and still able to own the youngest billionaire title. However, she is hungry for more.
Now, she will likely keep that billionaire title for years through her partnership with Coty Inc.