Finally, a Billionaire! Kylie Jenner Sells Half of Her Company, Accepting Payment in a Very Unusual Form
When Forbes named Kylie Jenner the world’s youngest billionaire at 21, the folks at Celebrity Net Worth did not buy it.
Not only were they disputing Kylie’s billionaire status, they were also not comfortable with their fellow media outlet describing the then 21-year-old as “self-made.”
Their argument on this holds water, especially considering that Kylie was born into money. She’s the youngest Kardashian sister, and we all know everything there is to know about that family, don’t we?
Breaking Down Kylie’s Finances
At the time when everyone else was congratulating Kylie on her achievements, journalists at Celebrity Net Worth made it their life’s mission to break down the Kardashian’s finances.
As they later reported, the young lady did have bank, but it was nothing close to $1 billion. According to them, Kylie was worth around $300 million.
She did, however, own the Kylie Cosmetics brand valued at $900 million, and selling part of her company would surely propel her into the billionaires’ club.
Guess what? Kylie Jenner ended up doing exactly that. As of November 18, 2019, no one at Celebrity Net Worth could dispute Kylie’s billionaire status.
The announcement came early that morning, revealing that the young entrepreneur had struck a deal to sell 51% of Kylie cosmetics to Coty Inc., the cosmetics conglomerate, for a reported $600 million.
With such a partnership comes several changes, and the most obvious one is the change in name from Kylie Cosmetics to Kylie Beauty. The deal valued Kylie’s brand at $1.2 billion as opposed to the $900 million everyone thought it was worth, no wonder the sale has brought the 22-year old so much dough.
The emerging entrepreneur retains a 49% equity stake in her company, with this stock being currently valued at $588 million.
You’d think that for such a huge acquisition, the two parties would agree on a stock and cash mode of payment, right? However, Coty Inc. went all in, paying the entire $600 million in cash, as was revealed by the conglomerate’s SEC filings. Wicked!
You shouldn’t be surprised though, as Coty has been an extremely profitable company over the years, having brands such as Max Factor, CoverGirl, Wella, and Clairol to its name.
All the same, startups such as Kylie Cosmetics and others have been proving to be stiff competitors, so much so that in 2018, Coty’s shares registered a 70% decrease in value.
The thing with these huge organizations is that they almost always find their way back into the fold after a fall, and with this acquisition, thinks are looking more positive for Coty. Soon as news of the deal broke, their shares went up by 4%, and being in bed with Kylie, you bet that they’ll keep improving by the day.
One individual who happens to be a big fan of Kylie Jenner is Pierre Laubies, the Coty CEO. He couldn’t hide his excitement concerning the partnership, saying that having her on board was the next step in Coty’s transformation process.
He praised the 22-year-old for her vision and creativity, admitting that he looked forward to exploiting the maximum potential that everyone knows her products have.
Moving forward, Kylie will spearhead all of Coty Inc.’s communications, especially on the social media front. She has 270 million followers, a number that the conglomerate hopes to tap into.
More in Rich & Famous
A Man Spent MILLIONS to Transform This Ghost Town, You Won’t Believe What It Looks Like Now!
Imagine purchasing a run-down town in the middle of nowhere and transforming it into a luxury destination that shoots up in...May 27, 2020
This $20-Million Boat Stole the Show at 2019 Yacht Event for a Surprising Reason
There isn’t a single sailing enthusiast who doesn’t know of South Florida’s international boat show held in Fort Lauderdale, is there?...May 27, 2020
Do You Want to Cruise the Ocean in a Luxury Yacht? Here are Some of the Celebrity Yachts to Inspire You!
Superyachts have always been the super-rich celebrities’ favorite place for optimal privacy and solitude. Being constantly under surveillance must be...May 27, 2020
Audi is Working on Car Tech That Could Communicate with Virginia’s Roads
Looks like Audi is up to something out there in Virginia. The German automobile manufacturer is working on a new vehicle-to-infrastructure...May 27, 2020
Famous Personalities Who Spent Millions of Dollars on Expensive Yachts
Being rich and famous has its pros and cons. You get more privileges in life, but at the same time, you...May 26, 2020
Sorprendentes fotos que han marcado la historia; tendrás que mirarlas dos veces
Todo el siglo de 1900 fue una época en la que pasaron muchas cosas, pero a partir de los años 50...May 25, 2020
Li abbiamo ammirati e amati in vita: poi sono scomparsi. Ecco le ultime foto delle celebrità che ci resteranno sempre nel cuore.
Quando sono all’apice della loro carriera ci sembrano forti e immortali, eppure le celebrità sono esseri umani come noi, che soffrono...May 25, 2020
MANSÕES INCRÍVEIS DAS CELEBRIDADES MAIS RICAS DO MUNDO
As pessoas nesta lista não são pessoas que compram casas querendo apenas o essencial. Na verdade, elas querem esbanjar todo o...May 25, 2020
Celebrità Che Hanno Trasformato il Proprio Look. Rimarrete stupiti a veder quanto sono dimagrite!
Tendiamo a vedere le celebrità come divinità dello spettacolo, che possono effettivamente usare la loro ricchezza e la loro fama per...May 25, 2020