Nov 19, 2019
With an eye on social media, Coty takes a majority stake in Kylie Cosmetics
The deal highlights the rising importance of influencers to the beauty business.
Kylie Cosmetics on display at Ulta beauty on November 18, 2019 in New York City. Kylie Cosmetics has sold a controlling stake to Coty Inc for a reported $600 Million.
David Dee Delgado/Getty Images
Some big names in the cosmetics industry are joining forces. Coty Inc., the parent company of Cover Girl and Max Factor, has announced it’s buying 51% of Kylie Cosmetics, the startup founded by 22-year-old reality TV star Kylie Jenner.
It’ll cost Coty $600 million, which works out to a little over $2 for every social media follower the young entrepreneur has. Influencers are a growing force in the cosmetics industry, and established brands are looking for ways tap into that following.
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