Kylie Jenner sells majority stake in her beauty brand to Coty for $600 million
Updated : November 19, 2019 08:30 AM IST
Coty Inc said on Monday it would pay $600 million for a majority stake in Kylie Jenner's make-up and skincare businesses, as it looks to tap into the reality TV star's huge social media reach, sending its shares up as much as 5 percent.
One of the cosmetics world's older names, Coty is seeking to revitalize sales on the back of its broad global distribution and is banking on Jenner's more than 270 million social media followers to attract a younger audience.
Coty will hold 51 percent of Jenner's business, valuing her company at about $1.2 billion.