Wall Street Journal is reporting that Coty Inc. has just paid a whopping $600 million to control 51% stake in Kylie Jenner’s cosmetics startup. And this intervention in the celebrity’s brand can revive a struggling beauty business based on CoverGirl and MaxFactor.
The report continued”
The fragrance and cosmetics company said it plans to buy 51% of Kylie Cosmetics, valuing it at $1.2 billion. Ms. Jenner, the youngest of the five Kardashian-Jenner sisters, founded the brand in 2015. She will remain the public face of the brand, which will be renamed Kylie Beauty.
This comes months after Kylie was declared a self-made billionaire.
Congratulations to her!