Kylie Jenner Fans Defend Her ‘Self-Made Billionaire’ Status After Selling Majority Stake Of Cosmetics Line For £460m
19 November 2019, 15:02
Kylie Jenner has nearly doubled up on her net worth after agreeing to sell 51 per cent of her cosmetic company.
Kylie Jenner is set to be the world’s youngest self-made multibillionaire in the coming years after she sold 51 per cent of her cosmetics line for $600m (£460m).
The 22 year old’s personal fortune was just over the $1billion (£773m) mark, which she has now almost doubled after she sold the majority share to beauty giant, Coty.
The beauty company also produces an array of products for well-known brands including Calvin Klein, Gucci and Max Factor.
The Keeping Up With The Kardashians star launched her brand in 2015 with a line of lipsticks, which has now branched off into an extensive cosmetics and skincare line after making $360m (£278m) in sales.
Coty’s chairman described the mother of one as a "modern-day icon, with an incredible sense of the beauty consumer".
However, people on social media have now accused the makeup mogul of not being self-made due to her famous family, leading fans to rush to her defence.
One tweeted: “Yawn can we please stop celebrating kylie jenner as a self made billionaire as if she wasn’t born into an incredibly fortunate situation. How can you be self made when everything has been handed to you on a silver spoon [sic].”
They continued: “This aggravates me so much she just decided to open a business after a successful history of stealing concepts and designs from other artists and culture – she had the fame, money, connections already to open a business [sic].”
One fan responded, saying: “A lot of people chirping in trying to discredit Kylie instead of applauding this young woman’s accomplishments as an entrepreneur.”
“Oh but she was famous already… blah blah blah… She worked hard and smart. She deserves the credit,” added another.
The new deal is set to be finished in 2020, with Kylie’s brand having been valued at a whopping $1.2billion (£927k).
The youngest Kardashian sister responded to the deal, 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.”
“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,” she added.
Earlier this year, she was named the world’s youngest self-made billionaire by Forbes and it’s clear she only intends on climbing the ladder – yasss queen!