Kylie Jenner just sold a $600 million stake of Kylie Cosmetics to CoverGirl owner
Kylie Jenner just sold over half of Kylie Cosmetics to Coty for a cool $600 million.
We're still enjoying the buzz from Kylie's recent Kylie Cosmetics Holiday reveal but now we've got even more beauty news that will have you quakin'.
Just this morning, it was revealed that Kylie Cosmetics was bought by Coty. If you haven't heard of the brand before, it's the parent company of CoverGirl and Sally Hansen. I know, pretty big stuff.
Kylie Cosmetics announced via a press release that Coty acquired 51% of Kylie Cosmetics for $600 million (approx AUD$880 million). This deal also included Kylie Skin and gives them a majority stake in the company.
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The team at Kylie Cosmetics and Kylie Jenner herself will still have creative control over products and the two companies will work together for a global expansion. As a result, this means we could potentially see Kylie Cosmetics being a little more available for other countries like us Aussies. Given that we have access to other Coty brands, we're hoping this move will lead to some more Kylie Cosmetics stockists.
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The press release also stated that there is a "strong potential to expand the brand to other core Coty categories". Coty is one of the industry leaders in fragrance and nail care and this could mean we can expect to see some very new and exciting Kylie Cosmetics products in the future.
"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," Kylie Jenner said.
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Coty CEO Pierre Laubies also stated in the release that this is "an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie's brands to reach their full potential".
This makes us further believe that we're definitely going to be getting some new products – including fragrances. That actually would be too far out of the equation given that Kylie's sister, Kim Kardashian, has her own fragrance line, KKW Fragrance, which just launched into MYER.
Oh, how far we have come from three lip kits back in 2015, that's for sure. This deal is set to close in the third quarter of 2020 and we're eagerly awaiting with our wallets in hand.
