Coty Inc announced this week that they will be buying a majority share in Kylie Cosmetics, taking a 51 per cent stake in the business, for $600 million (Dhs2.2 billion)
The parent company behind CoverGirl, Rimmel, Bourjois, Max Factor and many more beauty brands is investing in a “long-term strategic partnership” with reality star Kylie Jenner’s four-year-old beauty business.
"This new partnership between Kylie and Coty is an exciting step in Coty's renewed emphasis on its beauty business," the multinational beauty company says in a statement. "Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together."
Kylie Cosmetics 'Kylie x Balmain'
This year, Kylie Cosmetics generated a reported $177 million (Dhs650 million). The former BAZAAR cover star also said in a statement, "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."