Kylie Jenner sells Kylie Cosmetics
Kylie Jenner no longer owns Kylie Cosmetics.
The billionaire has sold a majority stake in the company to Coty Inc.
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The company confirmed the news in a press release yesterday.
They paid $600 million to own 51% of the beauty brand.
Coty Inc. is already home to lots of popular beauty brands.
These include ghd, OPI, Rimmel London, Wella, Sally Hansen and more.
Press release
The press release revealed the Kylie and Coty Inc., 'have entered into a long-term strategic partnership.'
With the aim to, 'further develop Kylie's existing beauty business into a global powerhouse brand.'
Together both brands plan to focus on, 'global expansion and entry into new beauty categories.'
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The announcement confirmed that Kylie and her team will still be very much involved with Kylie Cosmetics.
She will continue to 'lead all creative efforts' and promote products on her social media platforms.
Meanwhile Coty Inc. will work on developing the beauty brand's portfolio.
They will also look after the, 'manufacturing, distribution' and commercial side of the business.
The acquisition will become official by the end of summer 2020.
