It’s been a huge week for the KarJenner clan. On November 18, 2019, it was announced that Kylie Jenner (the youngest of the Kardashian clan) has sold majority ownership in her company, Kylie Cosmetics, to Coty for a whopping $600 million. Though Jenner still owns a large portion of the brand she’s built and will still have a hand in the decision-making process, Coty now has controlling interest of the company and owns a 51% share to Jenner’s 49%.
Kylie Jenner sells 51% of Kylie Cosmetics for $600 million
“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,” Jenner said in a statement to the press about the sale.
But just how does Jenner’s family feel about the sale? Do they support the 22-year-old’s decision? And how does Kim Kardashian West feel about all of her little sister’s success given she was the one who helped launch the family’s brand? In a recent interview with ET Online, Kardashian West revealed that she’s been privy to Jenner’s plan to sell a portion of her company for quite some time.
Kim Kardashian West weighs in
“I’ve known that selling her business was always in the works for her for a long time. A lot of companies were bidding and really wanted to buy her brand, and so selling just about half of it was a decision that she made about a year ago and, you know, that she wanted to,” the Keeping Up with the Kardashians star shared about her younger sister’s goals.
The KKW Beauty brand owner then shared how proud she is of how much Jenner has achieved at such a young age. “I’m so proud of her. To think in her early 20s, she built a business off of something that she first was insecure about and finding confidence and, you know, just tapping into that and figuring out how to make an amazing product and just being true to herself and doing what she loves to do, that’s so inspiring and so amazing and I’m so proud of her,” Kardashian West added.
Kris Jenner’s net worth also spiked because of the sale
But, Kardashian West isn’t the only KarJenner gushing over the 22-year-old’s success. Kris Jenner, momager extraordinaire, also expressed pride about the sale when she was a guest on the Squak podcast. “Yesterday was a really big day for Kylie and our team at Kylie Cosmetics, and truly a moment for our family to be proud. It’s kind of a crystallization of all of our work but also a moment to just look forward and be really excited about the future,” Kris Jenner, who will get a 10% cut ($6 million) of the sale shared. The mother of six also revealed that her youngest daughter dreams of turning Kylie Cosmetics into a “global powerhouse brand.”
Is Coty the right partner for Kylie Cosmetics
Coty definitely has experience building global brands. The beauty company also owns huge name brands like Balenciaga, CoverGirl, and Tiffany & Co. Only time will tell if they are able to turn Kylie Cosmetics into a brand with staying power. But, even if they can’t, Jenner is still $600 million richer.