Kylie Jenner looks to buy back cosmetics line from Coty despite $600M sale: report
Model-turned-maven Kylie Jenner wants to regain control of her cosmetics line that she sold for $600 million to beauty brand Coty, according to a report.
Jenner has had informal talks in recent months about attempting to re-acquire a 51% stake in Kylie Cosmetics, which she sold in 2020, according to Bloomberg News.
The move comes as her half-sister Kim Kardashian has also explored buying back the 20% of her high-end skincare line, SKKN by Kim, which she sold to Coty for $200 million that same year, Bloomberg News reported on Thursday.
The Wall Street Journal was the first to report Kardashian’s interest in buying back a piece of SKKN, which had a $1 billion valuation at the time she sold it to Coty.
The news agency cited “two people familiar with their thinking” as saying that Jenner and Kardashian have been frustrated with the manner in which Coty has managed their brands.
The Post has sought comment from Coty, Jenner and Kardashian.
Jenner, the youngest member of the Kardashian clan, launched Kylie Cosmetics in 2015.
She started the firm with $250,000 that she earned from modeling.
Initially, Forbes reported that Jenner earned $540 million in pre-tax profits from the sale of her line to Coty.
However, Forbes published a scathing report in 2020 revealing that the business was smaller than the family claimed for years.
The publication stripped Jenner of her “self-made” billionaire title and recalculated her net worth at under $900 million.
After acquiring the company at a $1.2 billion valuation in 2020, Coty relaunched Kylie Cosmetics with new formulas and a new website.
Coty also put the brand in brick-and-mortar stores for the first time.
The company said last month that the brand grew by double-digit percentage in the previous quarter.
