The world’s youngest self-made billionaire Kylie Jenner just got a whole lot richer — and it was all while you were sleeping.
At just 22 years old, Kylie sold a 51% stake of her business Kylie Cosmetics and Kylie Skin to beauty conglomerate Coty, all to the tune of USD $600 million (AUD $882 million). She launched her makeup line as a teenager in 2015, with lipstick kits that sold out around the world within minutes.
The acquisition, has not only made the already self-made billionaire even richer, but it is expected to drive Coty’s company shares up by five per cent.
The company, which also owns brands including Rimmel, CoverGirl, and OPI, will work together with the Keeping Up With The Kardashians star, focusing on global expansion into new markets and beauty categories.
Even though Kylie has sold over half of her business, she and her team will continue to lead all creative efforts including product and communications, capitalising on her social media following which currently sits at 151 million Instagram followers alone.
“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,” chairman of Coty, Peter Harf told Forbes.
While Kylie told Business Wire that she was “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.”
Last year, at just 21-years-old, Kylie was named the youngest ever self-made billionaire, beating out Facebook’s Mark Zuckerberg who was 23, and now is worth more than an estimated fortune of USD $1 billion.