Kris Jenner couldn't be prouder of daughter Kylie Jenner after the 22-year-old billionaire announced Monday that she had sold a majority stake in Kylie Cosmetics to Coty for $600 million. In an interview with CNBC’s Squawk Box Tuesday, the momager had nothing but praise for her youngest — and richest — daughter.
“Yesterday was a really big day for Kylie and our team at Kylie Cosmetics. [It was] truly a moment for our family to be proud,” Jenner said of the deal. “It’s kind of a crystallization of all our work.”
Still owning 49 percent of Kylie Cosmetics, Kris said Kylie will be working closely with Coty, which also owns beauty brands such as Rimmel London, OPI, CoverGirl and Clairol, to expand Kylie Cosmetics in the future.
“It’s also a moment to just look forward and be really excited about the future. I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That’s the vision,” Kris added of what's next for the company. “We decided to partner with Coty because they share the same vision as we do in building this into a huge thing. We dream big and this is something we’re so excited about.”
“This is her baby and this is her dream, to build this beauty empire and just go into many categories that she hasn’t even scratched the surface,” Kris continued. “She looks forward to working with Coty to develop more categories and going into other areas of the beauty business.”
Despite Kylie continuing to appeared on KUWTK, Kris said her passion lies more in business than in reality TV: “She feels like this is where she belongs. This is where her passion is and she wants to really — wants to use her creative side to develop her brand. And this is what she wants to do for the rest of her life,” she said. “She talks about it all the time. Twenty years from now she sees herself doing this and maybe passing it down to her daughter.”
Kylie announced the major deal Monday in a press release, saying, “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."0comments
She added on Twitter, “I can’t wait for all of the amazing things to come for @kylieskin and @kyliecosmetics! I’m excited to partner with @cotyinc to continue to expand my brands globally.. This is only the beginning!”
Photo credit: Getty / Vivien Killilea