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Kylie Jenner increases her fortune: sells 51% of her cosmetics company for more than 540 million

2019-11-18T20:19:44.216Z

The businesswoman and 'influencer' Kylie Jenner, known for being the smallest sister of the Kardashian family television, has sold a majority stake in her company Kyli



Celebrities

'Stand' of Kylie Cosmetics products in a store in Ulta New York. AFP

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The businesswoman and 'influencer' Kylie Jenner, known for being the smallest sister of the Kardashian family television, has sold a majority stake in her company Kylie Cosmetics , founded in 2015, for 600 million dollars (about 541.44 million euros ).

Jenner, 22, who had previously owned the entire company, sold 51% to multinational beauty Coty , which owns other brands such as OPI, Rimmel, GDH, Clairol or Covergirl , according to the specialized medium Business of Fashion.

Despite the transaction, Jenner and his team will continue to lead the creative team in both product development and communication initiatives, an official statement said.

"I am very excited to partner with Coty to keep reaching more and more fans of Kylie Cosmetics and (the new line) Kylie Skin all over the world," the celebrity said in the text.

"This collaboration will allow me and my team to remain focused on the creation and development of each product as we lead the brand to be a leading international beauty company," he added.

Coty, meanwhile, hopes to benefit from the "great potential" of Jenner's company, and in addition to makeup and facial care products, he plans to enter the fragrance market .

The multinational will make use of its global knowledge in research and development, manufacturing, distribution and market experience.

Although Jenner's facial care line was launched recently, so far this year it has already billed 25 million dollars in sales , which according to Coty indicates that the company's success shows no signs of slowing down.

Jenner was named in March 2019 the youngest millionaire in the world by Forbes magazine with a fortune of 1,000 million dollars (902 million euros) after Kylie Cosmetics began to be distributed in the Ulta beauty products chain.

This operation led to the company's revenue increasing 9% last year to 360 million dollars (about 325 million euros) , bringing the company to a value of 900 million dollars (about 810 million euros) ), an estimate that Forbes called "conservative."

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Source: elmuldo

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