NEW YORK, United States – Kylie Jenner has sold a 51 percent stake of her Kylie Cosmetics brand to Coty, which valued the youngest Kardashian Jenner sibling’s business at almost $1.2 billion.
The 22-year-old launched her namesake Kylie Cosmetics line in November of 2015 with “Kylie Lip Kits” in three shades. They sold out almost instantly, crashing her e-commerce site and making Jenner a bonafide beauty entrepreneur at the age of 18. In March, Forbes declared Jenner the world’s youngest self-made billionaire. Jenner’s label did $420 million in sales in its first 18 months.
Last year, a selection of Kylie Cosmetics lip products entered all of Ulta’s approximately 1,200 locations, where it’s helped bring a younger, Gen Z customer in-store. Tara Simon, senior vice president of merchandising at the retailer, told BoF earlier this year that the retailer would increase Kylie Cosmetics’ presence online and in-store with a broader selection.
Jenner’s been credited — or blamed, depending on who you ask – with starting an influencer beauty brand boom. Many influencers have followed her lead, though none have achieved quite the same level of success.
Stay tuned to BoF updates to this developing story.