Kylie Jenner, owner of the beauty empire Kylie Cosmetics, is reportedly in talks with Coty. According to sources, cosmetics giant Coty is slated to purchase 51 per cent of the company for $600 million.
Kylie Jenner, hailing from the Kardashian-Jenner clan, is known for her success both in the reality television series and in the makeup industry. In March 2019, Forbes named Jenner “the youngest self-made billionaire.”
Rise to Fame
The Instagram personality’s business climbed to its fame after selling out minutes after its initial launch. A self-backed brand, Kylie Cosmetics has since launched more than just lip kits. It has also expanded to include brow products, loose powders, and a skincare line said Hypebae. The company also has collaborations with sisters Kim and Khloe Kardashian.
Despite receiving backlash about Forbes named her the youngest self-made billionaire, the lip kit queen maintains that she “used 100% of my own money to start the company, not a dime in my bank account is inherited, and I am very proud of that,” states W Magazine.
Partnership in the Works
According to W Magazine, the beauty mogul seeks to open her doors for investments. For this opportunity, the 21-year-old chose Coty to be the majority stakeholder of her company.
Coty owns numerous businesses and brands under its name. This includes Covergirl, O.P.I., and Rimmel London. In addition, it also owns Sally Hansen and Wella Beauty.
Coty is not the first company to make a sizeable offer to buy out the shares of Jenner herself. However, W Magazine reports that it is the first offer that has been considered by Jenner to be “the most appealing one so far.”
If the plans push through, the cosmetics giant would acquire 51 per cent of shares from Kylie Cosmetics. The buy out would amount to $600 million.
As of writing, Paper Magazine notes that both companies have remained mum about the potential partnership. Both have also declined to issue an official statement.