The news comes after months of rumors about a deal.
Author:Stephanie SaltzmanUpdated:Nov 18, 2019Original:Nov 18, 2019On Monday, Coty Inc. announced that it had acquired a 51% stake in Kylie Jenner's Kylie Cosmetics for $600 million. Per a press release from the company, the deal creates a "long-term strategic partnership in order to jointly build and further develop Kylie's existing beauty business into a global powerhouse brand.
In July of this year, Coty Inc. also announced a restructuring, including plans to move its headquarters out of New York to cut costs.
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