NEW YORK : Coty Inc. agreed to pay $600 million in cash for a majority stake in Kylie Jenner’s cosmetics line, the latest move by a major beauty company to acquire trendy brands that appeal to a younger clientele. The deal values Kylie Cosmetics, which Jenner, 22, started in 2015 as a line of lip kits when she was still a teenager, at about $1.2 billion. The biggest beauty companies have been on an acquisition spree in recent years as they hope to court younger shoppers with upstart brands. The Kylie deal is a “key milestone" in Coty’s transformation, the company said in the statement. Jenner’s line of lip kits paired a liquid lipstick with pencil lip liner.

Source: Mint November 18, 2019 15:56 UTC