With an eye on social media, Coty takes a majority stake in Kylie Cosmetics
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Some big names in the cosmetics industry are joining forces. Coty Inc., the parent company of Cover Girl and Max Factor, has announced it’s buying 51% of Kylie Cosmetics, the startup founded by 22-year-old reality TV star Kylie Jenner.
It’ll cost Coty $600 million, which works out to a little over $2 for every social media follower the young entrepreneur has. Influencers are a growing force in the cosmetics industry, and established brands are looking for ways tap into that following.
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