Kylie Jenner loves working — so much, that she’s talked about building her beauty empire for the rest of her life, momager Kris Jenner said in a new interview with CNBC’s Squawk Box on November 19. The Kardashian-Jenner matriarch, 64, phoned into the outlet to discuss her daughter’s “big day” when news of her major beauty deal broke on Monday. The self-made billionaire struck a deal with beauty conglomerate Coty for $600 million after she signed over 51 percent of Kylie Cosmetics, which is valued at almost $1.2 billion.
Although Kylie enjoys her family’s joint endeavors, including their hit reality show, Keeping Up with the Kardashians, Kris said her heart lies within her solo business ventures, aka, Kylie Cosmetics. “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,” Kris explained, noting that Kylie’s almost 1-year-old daughter, Stormi Webster has a bright (and busy) future ahead of her.
“And, this is what she wants to do for the rest of her life,” she continued. “[Kylie] talks about it all the time. Twenty years from now she sees herself doing this and maybe passing it down to her daughter [21-month-old Stormi].”
As part of the business deal, Kylie, who still owns a large stake in her brand (49 percent), and her team will still continue to lead all creative efforts of product development and communication initiatives. The goal? — A longterm, global takeover.
“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,” Kris, who has her own office in the Kylie Cosmetics building, gushed. “It’s kind of a crystallization of all our work.”
After sealing the deal, it’s time to take things to the next level. “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.”
Coty, which owns other beauty brands including Rimmel London, OPI, CoverGirl and Clairol, plans on collaborating with Kylie to expand her brand into more categories she has yet to scratch the surface.
“This is her baby and this is her dream. It wasn’t about just building something. We’ve been in business for a few years and she’s so proud of what she’s built and she’s so excited about the partnership,” Kris said, noting, “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.”
Kylie initially owned 100 percent of Kylie Cosmetics and Kylie Skin since she stepped foot in the beauty industry in 2015, having first launched her wildly popular Lip Kits. After garnering immense success, Forbes dubbed Kylie the world’s youngest self-made billionaire in March 2019. And, she’s only 22. Let that sink in.