Kris Jenner Praises Kylie Jenner's Business Acumen For Selling Part Of Kylie Cosmetics
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Building A Massive Company
Since Kylie Jenner Lip Kits debuted in 2015, Kylie Cosmetics has grown into a $900 million dollar company. Kylie Jenner established herself beyond just the family business of reality TV and has become a major player in the cosmetic industry.
Jenner told Forbes that she "struggled for a minute with finding something to do on my own," but could envision herself working at Kylie Cosmetics "forever."
Whether you like the family or not, it's hard to deny that Kylie cracked the industry wide open and made space for herself there.
Making A Huge Move
Jenner shocked the industry when she sold off 51% of Kylie Cosmetics to Coty, Inc. for $600 million. Coty, which is behind brands such as CoverGirl, Rimmel, and OPI, sees this new partnership as "an exciting step in Coty's renewed emphasis on its beauty business."
Jenner expressed her excitement for the deal in a public statement:
"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."
Kris Is Proud
Momager Kris Jenner is nothing but happy for Kylie's decision, telling CNBC’s Squawk Box on Tuesday that this was "a really big day for Kylie and our team at Kylie Cosmetics. [It was] truly a moment for our family to be proud. It’s kind of a crystallization of all our work."
"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. 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.
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. She looks forward to working with Coty to develop more categories and going into other areas of the beauty business."
What Does This Mean For The Family?
Jenner continued, explaining that this business was where Kylie's real passion was, not necessarily in Keeping Up With The Kardashians.
"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 talks about it all the time. Twenty years from now she sees herself doing this and maybe passing it down to her daughter."
Additionally, Jenner believes that this business deal with Coty could open up the potential for other deals for the family.
"There’s always that possibility as the businesses grow."
