On Sunday, Kylie Jenner was spotted in Los Angeles after striking a deal with a major player in the cosmetics industry. The 22-year-old cosmetics mogul sold 51 percent stake of her Kylie Cosmetics line to Coty Inc., the owner of Covergirl at $600m, reported Daily Mail.
The self-made billionaire celebrated the deal by visiting the Biebers at their Beverly Hills home on Sunday evening. The “Keeping Up With the Kardashian” star looked gorgeous in her pink suit paired with white high heels. She rocked a casual low bun as she graciously stepped out of her custom Bentley to visit her friends. Even Justin Bieber was spotted taking a ride in his electric bike around the neighborhood, while his model wife Hailey Baldwin enjoyed a chat session with Jenner.
The richest member of the Kardashian-Jenner family, Jenner launched her makeup line back in 2015, with $29 lipstick kits. The kits were sold out immediately after the launch. As her social media fan base started growing, Jenner saw this as an opportunity to expand by introducing a wide range of cosmetic products.
Last year, Kylie Cosmetics struck another massive deal to sell the products in 1,100 Ulta Beauty stores across the U.S.
With a further expansion plan, Jenner launched her line of moisturizers, under-eye creams and facial scrubs, Kylie Skin and earned the title of the world's youngest self-made billionaire of all time, by Forbes with an early estimation of the net worth of $1 billion at that time.
Talking about acquiring 51 percent stake of Kylie Cosmetics, Coty’s board chairman Peter Harf stated that the reality TV star is a modern-day icon who has an extraordinary sense of consumers of beauty products. With this deal, they are aiming at expanding a global beauty brand together.
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