Coty Inc., the global beauty conglomerate that in 2019 bought a 51% stake in Kylie Jenner’s cosmetics company, has just made another member of her family a billionaire.
Sources told the outlet that this is intended to be a long-term strategic partnership, with Coty acting as a licensee for skin, hair, personal, and nail products. They said the plan is to launch products in new categories while also pursuing global expansion.
The deal reportedly won’t close until the third quarter of 2021, however, as KKW Beauty is currently being sued by Seed Beauty. The company, which manufactures KKW’s products, is asking for an injunction blocking the makeup brand from revealing its trade secrets and business practices to Coty.
Coty is the same company that previously purchased a 51% stake in Kylie Cosmetics for $600 million, leading Forbes to name Jenner the “youngest self-made billionaire ever.” But the magazine recently retracted that moniker after claiming financial filings released by Coty revealed that “Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosme