Ever since it was revealed that Kylie Jenner sold 51% of Kylie Cosmetics to global company COTY, the beauty community has been filled with a flurry of murmurs and questions — but Kris Jenner has all the answers.
COTY — a company which owns brands like Rimmel London, O.P.I., CoverGirl, and more — purchased over half of Kylie Cosmetics for $600 million this Monday, November 18; marking the new value of the company at almost $1.2 billion. After the major change, many were left speculating what this means for the future of the Kylie Cosmetics brand itself, and who exactly had their hands in the profits and, on a new episode of CNBC’s Squawkbox Kris seemed to provide the public with a definite answer.
During the episode, Kris spoke openly about Kylie’s plans to expand her empire into a business that can one day be potentially passed down to her daughter, Stormi. She then explained how a partnership with a company like COTY can help take the brand to the next level as a global powerhouse.
"I think the goal is to just keep building Kylie's existing beauty business into a global powerhouse brand,” the momager announced. “That's the vision. And we decided to partner with Coty because they share the same vision that we do in building this into a huge thing. We dream big, and this is something we're so excited about."
Kris went on to elaborate on the significance of the deal from a longevity standpoint. "She feels like this is where she belongs,” Kris said of her youngest daughter. “This is where her passion is, and she really wants to use her creative side to develop her brand this is what she wants to do for the rest of her life. She talks about it all the time.”
With all of these large business deals on the table, inquiring minds wanted to know exactly how much the momager was profiting off of the major deal herself. Though the Squawkbox reporter inquired about the legitimacy of her reportedly taking a whopping 60 million dollar cut off the transaction, Kris played it coy. "Well, you know, I've told you that before,” she laughingly let out.
“Listen, she's really lucky to be in the position she's at. And we work hard, and I just want to continue to help the girls do whatever it is to just focus on what it is their dreams are, and that makes me really happy,” Kris finally added. “I think any time 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."
Though viewers were not left with a direct answer to that one question, one thing is for certain: regardless of which way the profits were split, it will be very interesting to see which direction this new COTY deal steers the future of the makeup brand, and what this means for other evolving beauty brands alike Kylie Cosmetics further down the line.
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Originally Appeared on Teen Vogue