Kylie Jenner’s not just a pretty, made up face. She’s pocketing $600 million (nearly R9 billion) in a new deal with make-up giant Coty.
The lipstick mogul’s sold a 51% stake in her cosmetic brand, and she’ll keep working on the Kylie make-up and beauty brands.
Other Coty brands include Hugo Boss, Burberry, Rimmel and Max Factor.
Kylie’s mom, Kris Jenner, said despite the sale, Kylie, 22, will continue to play a major part in the brand, because it’s her “passion”.
Television personality Kris Jenner. Picture: Evan Agostini/AP
Kris, 64, told CNBC’s Squawk Box her daughter will work for the brand “to just keep building [the] existing beauty business into a global powerhouse brand”.
“This is where her passion is and she really wants to use her creative side to develop her brand. This is what she wants to do for the rest of her life.
“Twenty years from now, she sees herself doing this and maybe passing it down to her daughter.”
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A post shared by Kylie ♥️(@kyliejenner) on Nov 20, 2019 at 12:17pm PST
Kylie – who has 21-month-old daughter Stormi with Travis Scott – announced the sale this week, saying: “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.”
Travis Scott, Stormi Webster and Kylie Jenner. Picture: Reuters
While the deal is expected to be concluded next year, shares in Coty have, meanwhile, already shot up by 5%.