While many people have speculated as to why the 22-year-old mum would sell her majority stake in Kylie Cosmetics, our Queen Kris Jenner has revealed that the sale is "a crystallization of all our work" and will ultimately help grow the brand.
"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," the momager told CNBC's Squawk Box.
Kris goes on to explain that Kylie selling 51% of her share to Coty could give Kylie Cosmetics (now Kylie Beauty) its best chance at expanding across the globe.
"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 explained.
"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."
From what it sounds like, partnering with Coty will give the self-made billionaire a greater opportunity at expansion across all categories of beauty.
In other words, Kylie is hell-bent on beauty world denomination.
"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 said.
"She looks forward to working with Coty to develop more categories and going into other areas of the beauty business."
So what does this mean for Kylie Cosmetic's future?
Basically Kylie will still be very involved in the company as she still owns 49% of Kylie Cosmetics.
This deal also confirms what most of us already knew and that's that Stormi's mumma is a billionaire. The deal ultimately valued Kylie Jenner's business at $1.2 billion.
Kylie Cosmetics will also now be called 'Kylie Beauty'.
If you were like all of us and getting a little worried that this sale may mean an overhaul in Kylie's signature products, don't worry, Miss Jenner insists that she'll still head all creative decisions.
"We are pleased to welcome Kylie into our organization and family," Coty’s CEO, Pierre Laubies, said in a statement.
"Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics, and skincare, allowing Kylie’s brands to reach their full potential."
All hail Kylie Jenner!
