Kylie Jenner sold a 51 per cent stake in her cosmetics and skincare businesses to American multi-national beauty brand 'Coty' for USD 600 million, her mother Kris Jenner said.
The 64-year-old mother and business manager of the Kardashian-Jenner family matriarch opened up about her daughter's business move in an interview with 'CNBC's Squawk Box ', she said, "Yesterday was a really big day for Kylie and our team at Kylie Cosmetics. [It was] truly a moment for our family to be proud," Kris, who's also the CEO of Jenner Communications, said. "It's kind of a crystallization of all our work, "reported People Magazine.
While Kylie sold a 51 per cent stake in her booming beauty business, Kris said her daughter is excited to continue working with 'Coty' to grow her brands worldwide.
Kris while explaining the vision behind the major business deal, stated, "It's also a moment to just look forward and be really excited about the future. I think the goal is to just keep building Kylie's existing beauty business into a global powerhouse brand. That's the vision."
On bringing out the vision behind the idea of the deal "We decided to partner with Coty because they share the same vision as we do in building this into a huge thing. We dream big and this is something we're so excited about."
'Coty', which owns other beauty brands including Rimmel London, OPI, CoverGirl, and Clairol, plans on working with Kylie to expand into more untouched categories.
"This is her baby and this is her dream, to build this beauty empire and just go into many categories that she hasn't even scratched the surface," Kris said. "She looks forward to working with Coty to develop more categories and going into other areas of the beauty business."
Even though Kris said the Kardashian-Jenner family still 'enjoy what we're doing' in terms of filming their mega-hit reality series 'Keeping Up with the Kardashians', she does note that Kylie's heart lies in her business ventures. "She feels like this is where she belongs.
This is where her passion is and she wants to really, wants to use her creative side to develop her brand. And this is what she wants to do for the rest of her life," she said. "[Kylie] talks about it all the time. Twenty years from now she sees herself doing this and maybe passing it down to her daughter [21-month-old Stormi]."
Kylie initially owned 100 per cent of Kylie Cosmetics and Kylie Skin ever since she first entered the beauty industry in 2015 with the launch of her Lip Kits. The sale of her company to Coty for 600 million US Dollars valued it at almost 1.2 billion US Dollars. As part of the deal, Kylie and her team will continue to lead all creative efforts of product development and communication initiatives.
"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," Jenner said in a release.
Disclaimer: No Business Standard Journalist was involved in creation of this content
