Cape Town – Kylie Jenner made the boldest business move yet when she decided to sell 51% of her beauty company to Coty.
In a statement released on Tuesday, it was revealed that she would focus now focus most of her energy on the creative side of the business while using her social media platform to reach consumers, but Coty would take over most of the other responsibilities. Kylie said, "This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse."
Kris Jenner appeared on CNBC on Tuesday to clear things up though, and reassure fans of the beauty brand that the company will only grow from here.
"She's so excited about the partnership, but at the same time, this is her dream to build this beauty empire and just go into many categories that she hasn't even scratched the surface. You know, she launched [Kylie] Skin this year, and she's really excited about that, and that's been a huge success for her, and looks forward to working with Coty to develop more categories and going into other areas of the beauty business, and that's very exciting."
Kris elaborated, "She feels like this is where she belongs, this is where her passion is since she 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 talks about it all the time."
Kris also shared who will probably take over the beauty empire in the distant future.
"Twenty years from now, she sees herself doing this," Kris added. "And maybe passing it down to her daughter."