Coty, the global fragrance and cosmetics firm, has announced it has taken a 51% stake in Kylie Cosmetics, the beauty brand owned by media personality Kylie Jenner, for $600 million.
Kylie Cosmetics offers a range of lip, eye and face make-up, and generates around $177 million in annual turnover.
Coty said the strategic partnership would allow the two parties to jointly build and further develop the existing Kylie Cosmetics beauty business into a global powerhouse brand, focusing on worldwide expansion and entry into new beauty categories.
The cosmetics giant added that it would take overall responsibility for the portfolio’s development, leveraging its capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise, as well as acting as a licensee for skincare, fragrances, and nail products.
Commenting on the deal, Peter Harf, chairman of the board at Coty, said: “This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business. 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”.