Yesterday, November 18th, billionaire Kylie Jenner sold 51% of Kylie Cosmetics to Coty Inc., parent company of brands like CoverGirl, Rimmel, and OPI. The majority stake was bought for a whopping $600 million, and according to a press release, despite the loss of ownership in over 50% of her brand, Jenner will remain actively involved in Kylie Cosmetics as a “strategic partner.”
“This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business,” the press statement reads, per Allure. “Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together.”
Jenner also called the new deal a partnership in her own statement about the sale. “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” she said in the press release.
So, what does this Kylie Cosmetics merger mean for all of us using her lip kits at home?
According to both Jenner and Coty, it doesn’t seem like the products will be changing. In fact, based on their statements, it looks like now Kylie will have more time to imagine and design new makeup ideas. Moreover, partnering with Coty could mean easier access to Kylie Cosmetics for the rest of us, who now shop it only at Ulta or via the brand’s website.
Coty CEO Pierre Laubies added that the combination of Jenner’s “creative vision and unparalleled consumer interest” paired with Coty’s “expertise and leadership in prestige beauty products” will help Jenner’s brands reach their full potential.
Coty, founded in 1904, is slated to close the deal with Kylie Cosmetics by mid-2020. Could this mean that Kylie Cosmetics could eventually be sold in drugstores alongside its sister brands? Perhaps—however, details of the merger have not yet been disclosed.
This is a huge win for both Kylie Cosmetics and Coty. Now, fingers crossed, Kylie cosmetics can thrive even more than it already has.