- 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 Jenner recap.
1/ Used her own capital
2/ Hired six people
3/ Paid close to zero in ads
4/ Leveraged media trends
5/ Leveraged supply partners
6/ Built a $1.2b brand
7/ Now $600 million richer
8/ And she did it in five years
The above isn’t the result of fame alone.
— Web Smith (@web) November 18, 2019
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.
Kylie Jenner is selling 51% of Kylie Cosmetics for $600 million to Coty, the beauty company that owns CoverGirl and Clairol.
Statement from Kylie: pic.twitter.com/1CEHxguWIt
— Kim Bhasin (@KimBhasin) November 18, 2019
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.