Kylie's still laughing to the bank.
Earlier this week, Kylie Jenner became $600 million richer when she sold 51 percent of her Kylie Cosmetics brand to multinational beauty company, Coty. The deal was that Kylie would remain in control of the creative aspects and always be the face of the brand while Coty works on making the cosmetics an international powerhouse. "This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse," Kylie stated.
TMZ now reports that after Kylie got her $600 million and Coty grabbed a majority of the stakes in the company they then saw a quick decline as stocks dropped significantly. According to the publication, once trading closed this week, stocks dropped to $11.53 from the $12.22 from Monday, the lowest they've been. Apparently three of the top four beauty brands were hit the same way.
"Combining Kylie's creative vision and unparalleled consumer interest with Coty's expertise and leadership in prestige beauty products is an exciting next step in our transformation," Coty CEO Pierre Laubies said of the deal. We think it's safe to assume that the stocks will get back to it's full potential, especially after the holiday season.