Back in June, rumors leaked that Kylie Jenner was considering a sale of her incredibly profitable beauty brand, Kylie Cosmetics. Today, Coty Inc., the parent company behind CoverGirl, Rimmel, OPI, and more, announces that it will acquire a 51 percent stake in Kylie Cosmetics for $600 million.
A press release terms the agreement a "strategic partnership," in which Jenner and Coty will "jointly" build the future of the brand. Jenner herself will remain in creative control. "This new partnership between Kylie and Coty is an exciting step in Coty's renewed emphasis on its beauty business," a press statement says. "Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together."
Jenner's statement further clarifies that the buy is a partnership and fans can rest assured that their lip kits will still have Kylie's King Midas touch. "I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," the statement reads. "I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media. 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."
Coty, which was founded in 1904, brings over a century of beauty experience to the partnership. "Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products 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,” said Coty CEO Pierre Laubies.
According to a statement, the acquisition is expected to close in mid-2020.
Allure has reached out to Kylie Cosmetics and Coty Inc. for comment.
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