The youngest self-made billionaire has traded her empire. Kylie Jenner sold Kylie Cosmetics for $600 million to Coty Inc, who will now take a 51% stake in the blockbuster beauty brand.
Coty Inc—owner of CoverGirl, Tiffany & Co. and Balenciaga, among other notable beauty and fashion brands—will now the major owner of Kylie Cosmetics. However, Kylie Jenner will remain the public face of the brand, which will be rebranded as Kylie Beauty.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” the reality TV star said in a press release. “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.”
The news that Kylie Jenner sold Kylie Cosmetics comes months after she was controversially named the “youngest self-made billionaire” by Forbes Magazine thanks to her lip kit company, which is now estimated to be worth over $1.2 billion.
“I see Kylie Cosmetics going very far,” Jenner told Forbes back in March.
No sooner said than done!