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Kylie Jenner sells $816 million stake in beauty line to Coty

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NEW YORK (BLOOMBERG) - Coty Inc agreed to pay US$600 million (S$816 million) in cash for a majority stake in Kylie Jenner's cosmetics line, the latest move by a major beauty company to acquire trendy brands that appeal to a younger clientele.. Read more at straitstimes.com.

NEW YORK - Coty Inc agreed to pay US$600 million in cash for a majority stake in Kylie Jenner's cosmetics line, the latest move by a major beauty company to acquire trendy brands that appeal to a younger clientele.

The deal values Kylie Cosmetics, which Jenner, 22, started in 2015 as a line of lip kits when she was still a teenager, at about US$1.2 billion. Estee Lauder Cosmetics bought its remaining two-thirds stake in Korean skin-care company Have & Be Co for around US$1.1 billion on Monday and Japan's Shiseido spent US$845 million to buy clean beauty brand Drunk Elephant in October.

Coty has been under pressure to turn its business around, having taken a $965 million writedown this year on brands it bought from Procter & Gamble in 2015.

 

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