After all, the momager is widely reputed to take 10 percent of everything her lucrative daughters bring in.
Since first entering the beauty space with the launch of her Lip Kits in 2015, Kylie has owned 100 percent of Kylie Cosmetics and Kylie Skin. But on Monday, it was revealed that she sold 51 percent of Kylie Cosmetics to expanding beauty empire Coty (which owns brands like Rimmel London, OPI, CoverGirl, Clairol and many others) for a whopping $600 million. The sale marked the value of the company at almost $1.2 billion.
Though the 22-year-old will continue to lead all creative efforts in terms of product, Kris told CNBC’s “Squawk Box” on Tuesday that the long-term goal is for a strategic partnership. According to Kris, both Kylie and Coty share the same “vision” of global expansion for the brand.
“Yesterday was a really big day for Kylie and our team at Kylie Cosmetics and truly a moment for our family to be proud,” said the 64-year-old CEO of Jenner Communications. “It’s kind of a crystallization of all of our work, but also a moment to just look forward and be really excited about 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,” she continued. “And we decided to partner with Coty because they share the same vision that we do in building this into a huge thing. We dream big, and this is something we’re so excited about.”
Kris went on to call the brand Kylie’s “baby” and said it’s her youngest daughter’s “dream” to build a beauty empire that goes into “many categories that she hasn’t even scratched the surface [of yet].”
“She feels like this is where she belongs. This is where her passion is, and she really wants to use her creative side to develop her brand,” Kris said, noting that “this is what she wants to do for the rest of her life. She talks about it all the time. Twenty years from now, she sees herself doing this and maybe passing it down to her daughter, [21-month-old Stormi Webster].”
Toward the end of the conversation, one of the “Squawk Box” reporters said to Kris, “I hope you collected 10 percent on this deal? Is that how this all works?”
She laughed and replied, “Well, you know, I’ve told you that before. Listen, she’s really lucky to be in the position she’s at. And we work hard, and I just want to continue to help the girls do whatever it is to just focus on what it is their dreams are, and that makes me really happy. I think any time a mom is able to see the success of her daughters at this level and have them be really great people with great hearts and be super focused — I’m just super proud.”
As beautiful as that was, Kris didn’t necessarily answer the question. But if she did receive 10 percent of the Kylie Cosmetics-Coty deal, that means she walked away with $60 million.
Not too shabby.
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