Billionaire Kylie Jenner sells majority stake in her cosmetic brand

Billionaire Kylie Jenner sells majority stake in her cosmetic brand

- Beauty product giant Coty Inc has bought a 51% stake in Jenner's company while the reality TV star still solely owns the other 49%

- Coty will now have overall responsibility for Jenner's brand and she will continue to lead creative efforts and communications

- The youngest and richest of the Kardashian-Jenner family, she started her make-up line in 2015

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She was named the world's youngest self-made billionaire of all time with an estimated nett worth of $1 billion.

Her products were only sold online when they were first launched but in 2018, the brand struck a deal to sell its goods in 1 100 Ulta Beauty stores across the US.

The star, who up until now outsourced production and sales for her company, mostly promotes her cosmetics via social media.

The deal will value the reality TV star’s company at about $1.2 billion after Coty said that it would pay $600 million for a 51% stake in Kylie Cosmetics.

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Making the announcement on Monday, 18 November, the CoverGirl owner said it plans to launch more products under the Kylie brand and sell them in more countries around the world.

“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.

The deal is expected to be completed in early 2020.

Coty hopes that the celebrity-backed business will help boost its sales and connect with younger shoppers under the age of 35, a group that traditional make-up brands have struggled to reach.

It said that Jenner was not a fad, citing her brand’s growing sales and social media followers.

Coty’s other brands, including Max Factor make-up and Sally Hansen nail polish, have been around for decades.

The 22-year-old, who is the youngest sister of Kim Kardashian West, will still be the face of the brand and be involved in creating new products.

Jenner, who is part of the Keeping Up with the Kardashians reality show family, founded her company in 2015.

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She tapped into her hundreds of millions of social media followers to promote her popular lip liners and liquid lipsticks.

Forbes reported that she made $360 million in sales in 2018, making her the youngest self-made billionaire ever.

She faced backlash after being named a self-made billionaire but defended herself, saying that none of her money has come from inheritance.

Her online influence is so powerful that she reduced Snapchat's stock market value by $1.3 billion when she tweeted that she does not use the app any more.

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Source: Briefly.co.za

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