Kris Jenner Celebrates Her Billion Dollar Baby Kylie Jenner's $600m Cosmetics Deal

Published November 20th, 2019 - 08:10 GMT
The self-styled 'momager' was bursting with pride
The self-styled 'momager' was bursting with pride (Source: @krisjenner Instagram)

On Monday it was announced that Kylie Jenner sold a 51% stake in her cosmetics empire to beauty conglomerate Coty for $600million.

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But the 22-year-old makeup mogul's mom has insisted that her reality TV star daughter still wants to remain a part of the business she created.

'This is what she wants to do for the rest of her life,' said Kris Jenner, 64, in an interview with CNBC's Squawk Box on Tuesday. 

The self-styled 'momager' was bursting with pride during the interview, which was conducted over the phone by hosts Andrew Ross Sorkin and Joe Kernan.

'Yesterday was a really big day for Kylie and our team at Kylie Cosmetics,' said the Keeping Up With the Kardashian matriarch. 

'[It was] truly a moment for our family to be proud. It’s kind of a crystallization of all our work.'

The CEO of Jenner Communications then told the show about her youngest daughter's plans for the future.

'I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That’s the vision.'

'[Kylie] talks about [the business] all the time. Twenty years from now she sees herself doing this and maybe passing it down to her daughter [21-month-old Stormi]'. 

Beauty product giant Coty Inc. announced on Monday it was buying a 51 percent stake in Jenner's make-up and skincare empire.

The 22-year-old reality-star-turned-beauty-mogul will still solely own the other 49 percent stake. The sale gives Jenner's company a new valuation of $1.2 billion.

Jenner was named the world's youngest self-made billionaire of all time by Forbes earlier this year with an estimated net worth of $1 billion.

Jenner, who is the youngest and richest of the entire Kardashian-Jenner family, started her make up line in 2015 by selling $29 lipstick kits.

The kits sold out within minutes of launching - an early sign of the power of her now 270 million-plus social media following.

Jenner's products were only sold online when it was first launched but last year the brand struck a deal to sell its goods in 1,100 Ulta Beauty stores across the U.S. She expanded her empire earlier this year with Kylie Skin - a line of moisturizers, under eye creams and facial scrubs.

Jenner brought in sales of an estimated $360 million last year, according to Forbes.

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© Associated Newspapers Ltd.

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