Lipkit mogul, Kylie Jenner is selling a controlling stake in her cosmetics startup to Coty Inc. for $600 million. Coty shared;
“We are pleased to welcome Kylie into our organization and family,” Coty CEO Pierre Laubies said in a press release announcing the deal. “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.”
Jenner will remain the face of the company, which will be rebranded as Kylie Beauty. Smart move by Kylie?