Kylie Jenner, the youngest of the five Kardashian Jenner sisters, has sold a majority stake in her start-up, makeup line Kylie Cosmetics, to the Coty cosmetics company. The cosmetics company, known from among others Max Factor, pays 600 million dollars (around 542 million euros) for Jenner's line.
Jenner, who founded the make-up line in 2015, will remain the face of the company. The name of the start-up will be changed from Kylie Cosmetics to Kylie Beauty. The company expects a turnover of $ 200 million this year.
The purchase is seen as a way to breathe new life into Coty. Sales of Coty parts such as Max Factor and Covergirl have collapsed in recent years. The company now wants to profit from a brand that is supported by a well-known influencer and a marketing strategy that focuses on social media.
"This is where the growth of the market is," says Coty-CFO Pierre-André Terisse about the purchase against T he Wall Street Journal .
Earlier this year, at the age of 21, Jenner became the youngest billionaire ever, defeating Facebook founder Mark Zuckerberg, who "only" became his 23rd billionaire. In addition to her makeup line, she earns her money with modeling, among other things.
See also: Self-made or rich parents? That is how Kylie Jenner became the youngest billionaire ever