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September 22, 2020
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Business

Kylie Jenner to sell 51% stake in her Brand Kylie Cosmetics

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  • Valuation of Kylie Cosmetics, the firm of reality TV star Jenner, $ 1.2 billion
  • Jenner is the world’s youngest billionaire, his net worth $ 1 billion
  • Coty’s New York cosmetics firm has international beauty brands like CoverGirl

Celebrity businesswoman Kylie Jenner (22) will sell a 51% stake in her cosmetics company to Coty Company for $600 million (Rs 4320 crore). Coty is a New York cosmetics firm, has several international beauty brands such as CoverGirl. Coty made the deal, valuing Jenner’s company Kylie Cosmetics for $1.2 billion. Announcing the partnership on Monday, the two companies said – this will help expand the Kylie brand globally and join the new category.

Kylie’s 270 million followers on social media

Coty will also try to capitalize on the fan following of reality TV star Jenner through this agreement to attract the youth. Jenner has 270 million followers on social media. On the deal with Coty, Jenner said- This partnership will help me and my team to focus on the creation and development of every product.

Jenner is also the youngest billionaire in the world. Her company’s sales last year were $360 million. She was named the Youngest Self-Made Billionaire in the 2018 list by Forbes. Earlier, the title was named after Facebook founder Mark Zuckerberg. He became a billionaire at 23.

Coty expects revenue growth in the fragrance, cosmetics and skincare businesses to grow 1% annually over the next 3 years. We expect the deal to be completed in the third quarter of FY 2020. Coty’s revenue from the cosmetics brand was $177 million last year.

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