Kylie Jenner wants to keep working on her cosmetics company “for the rest of her life”, according to her mother Kris Jenner, despite recently selling a 51 percent stake in the brand to Coty. The 22-year-old reality star sold a majority stake in her Kylie Cosmetics company to beauty giant Coty – which owns around 77 brands including Hugo Boss, Burberry, Rimmel and Max Factor – for R8.9 billion earlier this week, and Kris has now said that despite the sale, Kylie will continue to play a major part in the brand, because it’s her “passion”.
Speaking during an interview on CNBC’s “Squawk Box”, 64-year-old Kris said: “Yesterday was a really big day for Kylie and our team at Kylie Cosmetics. Truly a moment for our family to be proud. It’s kind of a crystallisation of all of our work, but also a moment to just look forward and be really excited about the future. I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That is the vision.
“This is her baby and this is her dream … She hasn’t even scratched the surface … She feels like this is where she belongs. This is where her passion is and she really wants to use her creative side to develop her brand. This is what she wants to do for the rest of her life. She talks about it all the time.
“Twenty years from now, she sees herself doing this and maybe passing it down to her daughter. Kylie – who has 21-month-old daughter Stormi with Travis Scott – announced this week she sold a 51 percent stake in her company to Coty, and although the brand now has overall responsibility for the brand, the brunette beauty will still work alongside her team to lead creative efforts and communications. She said: “I’m 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. Since the announcement, the shares in Coty have shot up by 5 percent – even though the deal isn’t expected to be close until the third quarter of fiscal year 2020
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Source: IOL
