Kylie Jenner just made $600M after selling off the majority of her beauty empire
While we're out here patiently waiting for our next pay day, Kylie Jenner has just gone and earned herself a huge $600 (£463 million). The reality star, 22, is selling off the majority of Kylie Cosmetics to beauty giant Coty less than a year after she officially became the world's youngest ever self-made billionaire.
Coty, who owns brands such as Max Factor, Rimmel London, Sally Hansen, Clairol and CoverGirl, will own 51 percent stake and Kylie will own the remaining share.
While Coty will have financial control over Kylie Cosmetics, the Keeping Up With The Kardashians star will retain some creative control. In a statement, she said:
"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."
A post shared by Kylie ♥️ (@kyliejenner) on Nov 16, 2019 at 9:12pm PST
Kylie launched her beauty empire in 2015 with her line of Lip Kits, which she funded with $250,000 she made from modelling.
Since then she's gone on to launch a whole range of beauty products, including brushes and skin care.
A post shared by Kylie Cosmetics (@kyliecosmetics) on Jun 22, 2019 at 8:39pm PDT
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