News Formal

Kylie Jenner sells a $600 million stake in her cosmetics company

  • 📰 CNN
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 95%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Kylie Jenner is selling a majority stake of her popular cosmetics line for $600 million, but she's staying on as its creative leader.

The celebrity businesswoman will sell 51% of her stake in Kylie Cosmetics to Coty Inc. , a New York-based cosmetics company that also owns a number of international consumer beauty brands, including CoverGirl. The partnership will help Kylie's brand expand globally and enter new beauty categories, the two companies said in a press release Monday.

The cosmetics brand has generated roughly $177 million in revenue over the past year, according to Coty. The deal is expected to close in the third quarter of 2020. Read MoreCoty said the transaction is a"key milestone" for the company. It announced a $600 million turnaround plan in June that includes layoffs and streamlining its products and brands.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kylie Jenner Sells $600 Million Stake in Beauty BusinessCoty is paying $600 million for a controlling stake in Kylie Jenner’s cosmetics startup, wagering that the celebrity’s brand can revive a struggling beauty business based on CoverGirl and MaxFactor.
Source: WSJ - 🏆 98. / 63 Read more »