With an eye on social media, Coty takes a majority stake in Kylie Cosmetics
With an eye on social media, Coty takes a majority stake in Kylie Cosmetics
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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