Kylie Jenner's beauty business is being acquired by Coty Inc.
is selling a majority stake in her famed beauty business. On Monday, Coty Inc.—home to dozens of beauty brands including CoverGirl, ghd and OPI—confirmed in a press release it will be acquiring a 51 percent ownership in a partnership with Jenner for $600 million.
"Coty Inc.and Kylie Jenner announced today that they have entered into a long-term strategic partnership in order to jointly build and further develop Kylie's existing beauty business into a global powerhouse brand," the release read."Together, Coty and Kylie will set and lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories.
"We are pleased to welcome Kylie into our organization and family," Coty Chief Executive Office Pierre Laubies said in a statement."Combining Kylie's creative vision and unparalleled consumer interest with Coty's expertise and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie's brands to reach their full potential.
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