Kylie Jenner sells stake in beauty empire to CoverGirl owner
- by Gwen Vasquez
- in Life&Culture
- — Nov 19, 2019
Jenner, the youngest daughter of Kris Jenner and Caitlyn Jenner, formerly known as Bruce Jenner, has more than 270 million social media followers and rates as "one of the most influential voices among beauty consumers globally", said a statement from both companies.
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Coty has been under pressure to turn its business around, having taken a $965-million writedown this year on brands it bought from Procter & Gamble in 2015. Until today's recent news, Kylie had been the sole owner of Kylie Cosmetics stock.
Per Coty's release, they will be acquiring a 51% ownership in the partnership for $600 million. Coty said it plans to launch more products under the Kylie brand and sell them in more countries around the world.
Jenner, 22, the youngest sibling of the wildly popular Kardashian-Jenner clan, a household name a decade after their reality TV show "Keeping up with the Kardashians" became a smash hit, started her make up line with lipstick and lip liner kits in 2015.
Coty shares rose as much as 4.9 per cent to US$12.49 in NY on Monday.
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Calling Jenner a "modern-day icon", Coty's board chairman, Peter Harf, said his company "believes in the high potential of building a global beauty brand together".
She added, "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 global beauty powerhouse". The ROIC of the transaction is expected to exceed Coty's cost of capital by Fiscal 2023.
Coty said Kylie Cosmetics has had an estimated $177 million in net revenues over the past 12 months.
"We are pleased to welcome Kylie into our organization and family".
Coty's Chief Creative Officer, Pierre Laubiues, also spoke of expanding Kylie Cosmetics and Kylie Skin's product offerings, hinting that Kylie Cosmetics will also tap into the fragrance market.
