Kylie Jenner shocked everyone when she announced she’d sold the majority share in her massive makeup brand, Kylie Cosmetics. She sold 51% of her company to Coty — the company that owns CoverGirl, OPI, Rimmel, and Sally Hansen. The purchasing of Kylie Cosmetics certainly cost Coty a pretty penny. The sale went down for a whopping $600 million. The makeup mogul said it a press statement about the deal,
I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. 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. 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.
Now that Jenner is no longer in total control of her brand, it has been renamed —Kylie Beauty. What is the makeup line worth now that it has been sold to Coty?
Kylie Jenner’s beauty empire is now worth $1.2 billion
Though Kylie did sell more than half of her makeup line — her net worth, as well as the net worth of Kylie Beauty, has only increased. Today, the beauty empire is worth $1.2 billion.
Forbes has reported that Jenner has made $170 million in the past year, making her the second-highest-paid celebrity of 2019, following Taylor Swift. However, since she just added $600 million to her net worth, we doubt Stormi Webster’s mom will be second place to anyone come 2020.
Kylie Jenner will still be hands-on with Kylie Beauty
Though most people assumed that Jenner would be taking a step away from the brand with this sale to Coty — it’s actually the exact opposite. She will still be the face of the brand and “lead all creative efforts of product development and communication initiatives.” An insider told Hollywood Life,
Kylie did not sell the majority of her company because she wants to step back, but rather because she sees this as an incredible opportunity to help grow her cosmetics and skin line even further than before. She is going to remain just as hands-on with the line, but she decided to team up with Coty in order to continue growing her empire. Kylie is super excited about this next phase of her brand, and she looks forward to seeing where it goes next.
Is Kylie Jenner a self-made billionaire?
In March 2019 –Forbes declared the makeup mogul is “the youngest self-made billionaire of all time.” People immediately rolled their eyes at the “self-made” bit. After all, Jenner only became well-known through her family’s reality show Keeping Up with the Kardashians. Even she has said that”self-made” might not be the correct term. Jenner told Interview Germany,
I am a special case because before I started Kylie Cosmetics, I had a huge platform and lots of fans. I did not get money from my parents past the age of 15. I used 100 percent of my own money to start the company, not a dime in my bank account is inherited… and I am very proud of that.
We’ll see what’s next for Kylie Beauty with this new platform.