Kylie Jenner sells part of her company for $ 600 million

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NEW YORK – Businesswoman and "influencer" Kylie Jenner, known for being the smallest sister of the Kardashian family, has sold a majority stake in her company Kylie Cosmetics, founded in 2015, for $ 600 million.

Jenner, 22, who had previously owned the entire company, sold 51 percent to multinational beauty Coty, which owns other brands such as OPI, Rimmel, GDH, Clairol or Covergirl, as reported the specialized medium Business of Fashion.

Despite the transaction, Jenner and his team will continue to lead the creative team in both product development and communication initiatives, an official statement said.

"I am very excited to partner with Coty to keep reaching more and more fans of Kylie Cosmetics and (the new line) Kylie Skin all over the world," the celebrity said in the text.

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"This collaboration will allow me and my team to remain focused on the creation and development of each product as we lead the brand to be a leading international beauty company," he added.

Coty, meanwhile, hopes to benefit from the "great potential" of Jenner's company, and in addition to makeup and facial care products, he plans to enter the fragrance market.

The multinational will make use of its global knowledge in research and development, manufacturing, distribution and market experience.

Although Jenner's facial care line was launched recently, so far this year it has already billed 25 million dollars in sales, which according to Coty indicates that the company's success shows no signs of slowing down.

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Jenner was named in March 2019 the youngest millionaire in the world by Forbes magazine with a fortune of 1 billion dollars after Kylie Cosmetics began to be distributed in the Ulta beauty products chain.

This operation led to the company's revenue increasing by 9% last year to 360 million dollars, bringing the company to a value of 900 million dollars, an estimate that Forbes called "conservative."



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