Kylie cosmetics burst onto the beauty scene in 2015, with great success. So successful in fact it launched her into billionaire territory. However in recent years Kylie cosmetics has seen a decline in sales. But that hasn’t stopped cosmetics giant Coty buying a whopping 51% share.
Kylie Co and Kylie Skin sold
In a joint statement, Coty said Kylie would continue leading all creative efforts and “communications initiatives.”
Kylie says she’s “excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world.”
She added, “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 future for Kylie and Kylie cosmetics
The 22 year old may be the wealthiest among her siblings after lucrative deal. She was recently labelled billionaire by forbes.com in 2018.
The sale is a smart move for Kylie. She’s cashed out of the beauty bubble before it’s burst. Numerous reports suggest skincare is set to overtake the makeup market. Kylie Skin was also a smart investment. Similarly having Kylie remain the face of the company, will ensure they keep her social media following.
Overall makeup sales in the U.S. declined 4 percent to $1.8 billion in the first quarter, while more natural skin care products like tinted moisturizers and setting sprays to brighten skin became the fastest-growing segment within face makeup, according to market research firm NPD Group.
The Coty Ceo says ‘Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie’s brands to reach their full potential.’
Coty have seen their shares increase by 5% since announcement.