Kylie Jenner has sold a majority share in her eponymous beauty brand Kylie Cosmetics to Coty in a $600 million deal.
The conglomerate that also owns brands including Max Factor, Rimmel, Covergirl, Clairol and Sally Hansen, will hold a 51 per cent stake in Kylie Cosmetics once the deal closes later this year.
Naturally, Coty want to appeal to Gen Z shoppers with the investment. Speaking of 22-year-old Jenner, the company’s chief financial officer Pierre-André Terisse told Forbes, “She brings her incredible strong brand equity both as a person and as a brand with unparalleled social media reach among Gen Z consumers. This access to Gen Z is currently lacking in Coty’s portfolio.”
In March this year Jenner was named the world’s youngest ‘self-made’ billionaire, according to the Forbes billionaire list, largely thanks to her hugely lucrative beauty business, which at the time had an estimated worth of $900 million. This year she topped the Instagram Rich List, compiled by Instagram-scheduling tool Hopper HQ, which estimates her earnings of $1,266,000 per post.