In beauty news this week, it has been reported that queen of the socials and the highest-earning member of the Kardashian-Jenner clan, one Miss Kylie Jenner, has sold off 51% of her shares in her iconic beauty brand, Kylie Cosmetics. In an announcement released on Monday, it was unveiled that Jenner sold the majority share to beauty and fashion juggernaut Coty Inc., who also own giant global brands such as Balenciaga, Tiffany & Co., CoverGirl and Rimmel London.
Fans of the star however should fear not, as along with the announcement it was revealed that Kylie will stay on as the creative director of the company. Ever the savvy business woman, she told reporters on Monday that the move was the next natural step in what appears to be world domination, looking to elevate her company as an “international beauty powerhouse”:
“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”.
The only real change to expect as the company takes over the business aspects of the brand, a deal which is expected to come into affect in late 2020, is a slight change to the company’s trading name. We will now be required to refer to the brand as Kylie Beauty rather than Kylie Cosmetics – and I don’t know about you, but I definitely feel like I can get on board with this change.
As of this year, Kylie Cosmetics has been dominating the global beauty market for 4 short years. The brand saw it’s (not so) humble beginnings back in 2015 when the young Miss Jenner – only 18 years old at the time – burst onto the scene with her first line of market revolutionising lip kits, which were infamous for selling out in under a minute and crashing the star’s website. Remember those? Oh, how far we’ve come. Since the days of the Kylie Lip Kits, Jenner has transformed her brand, renamed Kylie Cosmetics in 2016, into a fully realised makeup and skincare line (she also owns her own line of skincare products, aptly named Kylie Skin).
The young reality star has transformed her status within the beauty community through her business endeavours, giving way to the argument that she is possibly now better known as a social media and beauty mogul, rather than for her famous family. If there’s one woman we can attribute Kylie’s sharp eye for business to however, it’s mummager Kris Jenner. Not missing a beat, the continual rise of the young Jenner’s brand has been documented many a time on the family’s hit reality show, Keeping Up With The Kardashians, and it can be expected that we will see the in’s and out’s of Kris and Kylie navigating this deal with Coty Inc. in the much anticipated upcoming season.
Featured Image Source: Kylie Cosmetics Instagram page @kyliecosmetics