It’s a very exciting time in Kylie Jenner’s life. The makeup mogul just announced that she will be selling 51 percent of Kylie Cosmetics to Coty — the international conglomerate behind brands like Clairol, CoverGirl, and Max Factor. Coty will be paying Kylie a cool $600 million to have the majority share of the company. It makes total sense that Coty would want to buy Kylie Cosmetics, but we want to know about the other end of the deal: Why did Kylie Jenner sell Kylie Cosmetics?
Why did Kylie Jenner sell Kylie Cosmetics?
OK, to be fair, we know the main reason why Kylie sold the majority share of her company. It’s money. Obviously. You’d probably be pretty hard-pressed to find someone who doesn’t want an extra $600 million. But it seems like Kylie’s reasons may go beyond just getting rich. (Or, well, getting richer, anyway.)
In a joint release with Coty, Kylie said, “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.” So Kylie is obviously still planning on being super involved with the product and promotion end of things. She’s just also into the idea of making a bunch of money. Go figure.
So, how does this deal with Coty affect Kylie Jenner’s net worth?
You may already have read that Kylie is the world’s youngest self-made billionaire — that was reported earlier this year by Forbes. They reported her as having a net worth of $1 billion at the age of 21. Not too shabby! Apparently, though, not everyone agreed with Forbes’ math. Or with the term “self-made.” Remember how Dictionary.com threw some shade over the use of “self-made” in reference to Kylie on Twitter?
Celebrities’ net worth can often be difficult to accurately pin down. After all, it’s not like we have access to their bank accounts and other financial information. However, thanks to this massive deal with Coty, we now know that Kylie Jenner’s net worth truly does give her billionaire status. The deal values Kylie Cosmetics at nearly $1.2 billion, which should silence all the haters out there who ever doubted Kylie was truly a billionaire. She is!
But is Kylie going to remain a billionaire after the sale? In all likelihood, yes! Kylie will retain 49 percent ownership over the company, which means she’ll still be collecting plenty of profit as the business continues to grow. Actually, this deal seems like quite a dream for all involved parties. Kylie gets to take advantage of an internationally known brand... and so does Coty.
Kylie’s devoted following of more than 270 million followers across her personal and brand social media channels is obviously nothing to scoff at, and Coty clearly aims to use her influence to make plenty of money. Coty’s press release says Kylie and her team will “continue to lead all creative efforts in terms of product and communications initiatives.” In other words, you can still expect to see plenty of Kylie Cosmetics content on social media.
So if you were worried at all about Kylie’s net worth (for some strange reason), rest assured. She is still very, very, very rich. And she probably always will be.