Yes, $600 million 🤑
beauty brand, Kylie Cosmetics. Today, Coty Inc., the parent company behind CoverGirl, Rimmel, OPI, and more, announces that it will acquire a 51% stake in Kylie Cosmetics for $600 million.
A press release terms the agreement a "strategic partnership," in which Jenner and Coty will "jointly" build the future of the brand. Jenner herself will remain in creative control. "This new partnership between Kylie and Coty is an exciting step in Coty's renewed emphasis on its beauty business," a statement says.
Jenner's statement further clarifies that the buy is a partnership and fans can rest assured that their lip kits will still have Kylie's King Midas touch. "I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," the statement reads. "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.
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