After micromanaging her wildly successful company Kylie Cosmetics since its launch in 2015, 21-year-old billionaire Kylie Jenner has sold a majority stake in it to Coty for $600 million.
The 51% stake of the $1.2 billion company goes to a brand conglom that also owns Covergirl, OPI, Rimmel, GHD and Clairol.
Jenner will maintain creative control, she said in a release. She said: “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media.”
While many on social media applauded her “money moves,” others predicted a dip in quality. “Coming to a shelve at Walmart near you,” sniped one.