The 64-year-old Keeping Up With the Kardashians matriarch appeared on CNBC’s Squawk Box Tuesday, where she discussed the buzzed-about acquisition. On Monday it was announced that Coty, the company behind beauty brands like OPI, CoverGirl and Clairol, bought a majority stake in Kylie Cosmetics.
"Yesterday was a really big day for Kylie and our team at Kylie Cosmetics and truly a moment for our family to be proud," said Kris, who is the CEO of Jenner Communications. "It’s kind of a crystallization of all our work, but also a moment to just look forward and be really excited about the future."
Forbes, which dubbed Kylie the "youngest self-made billionaire," reported her line of cosmetics brought in an estimated $360 million in sales in 2018. In a statement announcing the deal, the reality star turned business mogul said, "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." Kris confirmed her 22-year-old daughter will still have a large role at the company.
"I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand, that’s the vision," Kris explained. "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."
Under the deal, Kylie will keep 49 percent ownership in Kylie Cosmetics. Kris noted it was important to Kylie that she still owned a large percentage of the business.
"That was really important to Kylie because this is her baby and this is her dream," Kris explained. "This was he dream to build this beauty empire and just go into many categories that she hasn’t even scratched the surface... She looks forward to working with Coty to develop more categories and going into other areas of the beauty business. She feels like this is where she belongs. This is where her passion is and she 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."
Kris said that, in 20 years, her daughter still "sees herself doing this and maybe passing it down to her daughter [Stormi]." Kylie welcomed Stormi in February 2018.
The momager played coy when discussing whether this was the first step in selling her other daughters’ business ventures, like Kim Kardashian's KKW Beauty or SKIMS.
"Well, I think there’s always that possibility as the businesses grow," she noted. "I think the focus for the kids isn't always about growing it just to sell it, I think they really are so passionate about what they're doing... They're all still so young."
Jenner added, "If they do grow the business and they’re able to sell something and keep having a hand in it, that’s the ideal situation."
Kylie's $600 million acquisition also leaves her mom with a $60 million check. Kris laughed when discussing her standard 10 percent fee.
"You know, I've told you that before," Kris replied. "[Kylie's] really lucky to be in the position she's at. We work hard and I just want to continue to help the girls... focus on what their dreams are. Anytime a mom is able to see the success of her daughters at this level and have them be really great people with great hearts and be super focused, I'm just super proud."
When asked whether private equity firms looking consolidate their brands had been reaching out since Monday’s announcement, Kris replied, "You know, a girl doesn’t talk about everything."
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