- Robyn Turk |
Coty and Kylie Jenner today announced a long-term strategic partnership that involves Coty becoming a majority stakeholder in Jenner's beauty business. One of the world's largest beauty companies with a global portfolio, Coty will acquire 51 percent of the Jenner partnership for 600 million dollars.
Through the partnership, Jenner and Coty plan to further develop the existing business into a global powerhouse brand through a focus on global expansion and entering into new beauty categories. Each party will leverage its unique strengths to meet these goals. For example, Jenner and her team will continue to lead all creative efforts as far as product and communications strategies, while Coty will handle responsibility for the portfolio’s development, leveraging its global knowledge in manufacturing, distribution, commercial and go-to-market expertise.
“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," Pierre Laubies, Coty's chief executive officer, said in a statement.
Coty's acquisition is expected to close in the third quarter of fiscal year 2020. All of Jenner's beauty categories will continue to be sold through leading luxury beauty retailers as well as owned digital channels.
“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," Jenner 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.”
Picture: Kylie Cosmetics Facebook