Kylie Jenner Sold Kylie Cosmetics Majority Stake To Coty For $600 Million, and she gets appreciation and support from her family members for a smart move.
Her own fellow beauty mogul sister Kim Kardashian West is proud of her.
Kim talks with Entertainment Tonight on Wednesday, the SKIMS Solutionwear founder discussed 22-year-old Jenner’s recent majority sale of Kylie Cosmetics to beauty conglomerate Coty, which owns a bevy of other beauty brands including Covergirl, OPI, and Clairol.
“I’ve known that selling her business was always in the works for her for a long time,” said Kardashian West, 39. “A lot of companies were bidding and really wanted to buy her brand, and so selling just about half of it was a decision that she made about a year ago and, you know, that she wanted to. I’m so proud of her.”
Jenner sold 51 percent of her company for $600 million. Earlier, the Kylie Cosmetics founder had maintained full ownership of the brand since its 2015 launch.
“To think, in her early 20’s, she built a business off of something that she first was insecure about and finding confidence and tapping into that, and figuring out how to make an amazing product … just being true to herself and doing what she loves to do, that’s so inspiring and so amazing and I’m so proud of her,” Kardashian West added.point 538 |
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Kim also opened up about her own beauty business, Kardashian West said her own companies, KKW Beauty and KKW Fragrance, were doing better than ever.
“I’m very active during sales and launches,” the mom of four said in an interview with WWD.
“We’ve doubled in a year. It just makes me proud of the brand and makes me want to push to do exactly what I want to do and continue to make the products that I love and stay true to the authentic collaboration.”
Kris Jenner also opened up about her youngest daughter’s business move in a recent interview with CNBC’s Squawk Box.
“Yesterday was a really big day for Kylie and our team at Kylie Cosmetics. [It was] truly a moment for our family to be proud,” said Kris, 64, who’s also CEO of Jenner Communications. “It’s kind of a crystallization of all our work.”
She called the sale “a moment to just look forward and be really excited about the future,” she also said, that her youngest daughter was looking “forward to working with Coty to develop more categories and going into other areas of the beauty business.”
“I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That’s the vision,” Kris continued. “We decided to partner with Coty because they share the same vision as we do in building this into a huge thing. We dream big and this is something we’re so excited about.”
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