One of the cosmetics world's older names, Coty is seeking to revitalize sales on the back of its broad global distribution and is banking on Jenner's more than 270 million social media followers to attract a younger audience. Jenner, 22, the youngest sibling of the wildly popular Kardashian-Jenner
- Coty Inc said on Monday it would pay $600 million for a majority stake in Kylie Jenner's make-up and skincare businesses, as it looks to tap into the reality TV star's huge social media reach, sending its shares up as much as 5%.
The kits sold out within minutes of launching, an early sign of her power as a social media influencer, and Coty said Kylie Cosmetics had an estimated $177 million in net revenues over the past 12 months. Social media-powered beauty brands such as Glossier, Jessica Alba's Honest Beauty and Huda Beauty have all notched up about $1 billion in valuation, according to media reports.
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