Kylie Jenner, the world’s youngest self-made billionaire, has become US$600 million (AU$880 million) richer overnight after selling a majority stake in her blockbuster cosmetics lines, Kylie Cosmetics and Kylie Skin.
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The deal with American multinational beauty company and CoverGirl owner, Coty, values Kylie Cosmetics at around US$1.2 billion. Coty now holds 51 per cent of the company.
The sale saw Coty shares rise 4.9 per cent on Monday in New York, having already surged 82 per cent this year.
According to the companies, the two brands will focus on global and product expansion, with Jenner to lead the creative efforts.
“Together, Coty and Kylie will set and lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories. Kylie and her team will continue to lead all creative efforts in terms of product and communications initiatives, building on her unrivalled global reach capabilities through social media,” Coty said in a statement.
“Kylie is one of the world’s most admired personalities with over 270 million followers across her personal and brand social media channels, as well as being one of the most influential voices among beauty consumers globally. Both of her brands, Kylie Cosmetics and Kylie Skin, are two of the fastest-growing and most-engaged beauty brands on social media.”
Kylie Cosmetics launched in 2015, with her lip kits selling out in minutes.
Will there be any changes to the Kylie Cosmetics products?
Coty said all beauty categories will continue to be sold.
The deal caps a whirlwind year for the youngest member of the Kardashian-Jenner clan, after she was named the world’s youngest self-made billionaire by Forbes in May.
Jenner told Paper Magazine that her fortune was entirely self-made, and that none of her wealth was inherited.
“My parents told me I needed to make my own money, it’s time to learn how to save and spend your own money, stuff like that,” she said, telling the publication that her parents cut her off at 15.
“What I’m trying to say is I did have a platform, but none of my money is inherited.
“The self-made thing is true.”
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