In huge beauty news today, Kylie Jenner has just offloaded a 51 per cent stake in her companies Kylie Cosmetics and Kylie Skin to American beauty giant Coty Inc. for a staggering USD$600 million.
WATCH BELOW: Kylie Jenner Gives A Tour Of The Kylie Cosmetics Office
But, that’s not all – the deal has valued the business at a whopping USD$1.2 billion, confirming Kylie is without a doubt, the world’s youngest billionaire.
“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,” she continued.
“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,” the Keeping Up With The Kardashians star stated in the press release.
Kylie founded Kylie Cosmetics in 2015 with the launch of her Kylie Cosmetics Lip Kits – a makeup product set containing a liquid lipstick and a lip liner in a corresponding shade. The kits were so popular, they sold out within one minute of launching, crashing the Kylie Cosmetics site due to demand.
Following that first product launch, Kylie Cosmetics went from strength-to-strength and now boasts a huge cosmetic product offering including not only lip products but eyeshadow palettes, concealers, eyebrow products, and more.
Earlier this year, Kylie also dipped her toes into the skin care space, launching Kylie Skin which now has a comprehensive product range featuring facial products, body care, and even sunscreens.
It seems the purchase of the majority stake in Kylie Cosmetics may form part of Coty Inc’s plan to take Coty Inc. to a new level by courting younger shoppers with more on-trend brands. Earlier this year, Coty Inc. took a USD$965 million write-down on brands it purchased from Procter & Gamble in 2015 and failed to turn around. And, Coty Inc. hopes to leverage Kylie Cosmetics’ Instagram success as the second-most-followed brand on Instagram to appeal to a younger demographic, according to Forbes.
It will be interesting to see what direction Kylie Cosmetics will now take. Considering Coty Inc. is home to a huge perfume portfolio, could Kylie Fragrances be the next thing?
Only time will tell!
If you're looking to top up your Kylie Cosmetics stash, check out our guide on how to buy Kylie Cosmetics in Australia here.
Are you a fan of Kylie Cosmetics? What do you hope to see the brand release next? Let us know your thoughts in the comments.
Main image credit: Getty
Isobel is a Digital Content Editor at BEAUTYcrew, marie claire and InStyle. When she's not busy hunting for the latest beauty news, you’ll find her arranging her skincare collection in search of the perfect “shelfie.” Isobel was previously BEAUTYcrew's Junior Beauty Writer.