Saturday, May 30, 2020

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Kylie Jenner Sells Majority Stake of Kylie Cosmetics and Here’s What Kris Jenner Has to Say

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Kylie Jenner sold 51% stake of Kylie Cosmetics to Coty for a whopping $600 million on Tuesday. So what does momager Kris Jenner has to say?

Kylie Cosmetics
Kylie Cosmetics

The Kardashian-Jenner matriarch said that it was a big day for Kylie and Kylie Cosmetics and it was a moment they were all proud of as a family. She also referred to it as the crystallization of all their work.

Although the 22-year-old cosmetics mogul sold more than half stake in her growing business, Kris said that her daughter is actually excited to work with Coty as she continues to grow her brands in the international market.

Kris added that their vision is to move forward and to keep building Kylie’s empire in the beauty business and turn it into a global brand. She added that they decided to partner with Coty because they have a common vision. They dream big and they’re excited about the whole thing.

For those who aren’t aware of Coty’s reach, they just happened to own popular brands like Rimmel London, OPI, Clairol, CoverGirl and GHD among others. The company plans to work with Kylie to expand her business into other categories.

Kris supported this by saying that Kylie Cosmetics is Kylie’s baby and it has always been her dream to build a beauty empire. She’s excited to work with Coty to develop more categories.

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Meanwhile, the Keeping Up with the Kardashians star revealed that her daughter’s heart is no longer in their hit reality series but in her business ventures. She said that Kylie’s passion lies in her business, it’s where she belongs and that she’s all about using her creative side to develop Kylie Cosmetics. Kris also said that this is what she really wants to do for as long as she lives. She talks about it all the time and even thought of passing it down to her daughter, Stormi, in the future.

Kylie Jenner owned 100% stake of Kylie Cosmetics when it was first launched in 2015 with its famous Lip Kits. According to their deal with Coty, her team will continue to take charge of all the creative efforts in developing products as well as lead communication initiatives.

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