Star of Keeping Up with the Kardashians, Kylie Jenner no longer owns 100 percent of Kylie Cosmetics. Forbes' youngest self-made billionaire has reportedly sold a controlling stake in her company to beauty conglomerate Coty.
At just 22-years-old, Jenner has inked a deal, which values her cosmetics empire a $1.2 billion. Kylie Cosmetics is on track to rake in an astonishing $25 million during the 2019 calendar year. Her products have been extended into Ulta Beauty's stores - just like her sister Kim Kardashian West's line. Jenner's loyal fans, most of whom engage with the reality star and mogul through social media, have helped drive her company's initial valuation from a conservative $900 million up to its current worth. While celebrity-led businesses are nothing new, Jenner managed to carve a niche in the cosmetics market.
According to People, Jenner released a statement about the sale, which gives away a 51 percent controlling interest in her company. The statement reads, "I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world." Kylie continued, "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."
Kylie Cosmetics released its first lip kits in 2015. The product crashed its website - selling out within a matter of minutes. Jenner's innate understanding of millennial and Gen Z buyers allowed her to tap into the mindset of her target audience with alarming accuracy. Coty released its own statement about the sale, lauding Jenner's company for lacking weaknesses, and promoting its uniformity and "strength everywhere." Not only that, but the conglomerate, which also has Covergirl, Rimmel, and Clairol on its roster, sees a wider future for Kylie Cosmetics. This means that aside from beauty, the company will boast an expanded skincare line and will also delve into the fragrance world.
In another brilliant move, Jenner has managed to silence her naysayers by legitimizing her "youngest self-made billionaire" moniker. Selling Kylie Cosmetics at this stage in the game ensures that regardless of her competition, she won't personally have to worry as much about staying relevant within the industry. Not only that, but her minority interest in the company means that fans and buyers can still rest assured that her stamp will remain on all future products in the brand. Despite Jenner's privileged upbringing, she's serving as a role model for single mothers, young people, people without college degrees, and those with an entrepreneurial spirit. It will be exciting to see what new ventures she will unleash on her adoring public in the future.
Keeping Up with the Kardashians airs Sundays at 9pm EST on E!
Source: People
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