JHB ANC pushes ahead to elect Speaker Da Gama’s replacement
Local
Coty to pay $600 mn for majority stake in Kylie Jenner cosmetics brand
Kylie Jenner has more than 270 million social media followers and rates as "one of the most influential voices among beauty consumers globally".
NEW YORK - Beauty products giant Coty announced Monday a deal to take a majority stake in Kylie Jenner's cosmetics and skincare company, marrying Jenner's celebrity prominence with Coty's distribution and commercial prowess.
Under the transaction, Coty, whose brands include Hugo Boss and Burberry fragrances, will pay $600 million for a 51% stake in Jenner's company.
Jenner, the youngest daughter of Kris Jenner and Caitlyn Jenner, formerly known as Bruce Jenner, has more than 270 million social media followers and rates as "one of the most influential voices among beauty consumers globally," said a statement from both companies.
She launched the brand in 2015 with Kylie Lip Kit and has since added eyeliners, eye shadows, blushes and other items.
"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Jenner said.
"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."
I can’t wait for all of the amazing things to come for @kylieskin and @kyliecosmetics! I’m excited to partner with @cotyinc to continue to expand my brands globally.. This is only the beginning!
— Kylie Jenner (@KylieJenner) November 18, 2019
Coty described the deal as part of its effort to become a "more focused and agile company" adding that its global capacities in research and development, manufacturing and distribution, as well as expertise in cosmetics, would enable Jenner's products to thrive as a "high growth, digitally native beauty brand."
Coty chief executive Pierre Laubies said the deal "will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie's brands to reach their full potential."
Shares of Coty rose 3.3% to $12.31 in early trading.
More in Lifestyle
-
Pennsylvania court rejects Bill Cosby's appeal of sex assault conviction
-
Roxette singer Marie Fredriksson (61) has died
-
Disney warns new Star Wars movie could trigger seizures in people with epilepsy
-
Beyoncé finds it 'stressful' balancing work and home life
-
Dave Bautista to be inducted into WWE Hall of Fame
-
#MissUniverse tops global trends as SA’s Zozibini Tunzi shines
Comments
EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.
comments powered by DisqusHowever, we will NOT condone the following:
- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.
We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.
We strive to make the EWN community a safe and welcoming space for all.
EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.
Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.
EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.