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Kylie Jenner loves working ā so much, that sheās talked about building her beauty empire for the rest of her life, momager Kris Jenner said in a new interview with CNBCās Squawk Box on November 19. The Kardashian-Jenner matriarch, 64, phoned into the outlet to discuss her daughterās ābig dayā 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 familyās 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. āShe feels like this is where she belongs. This is where her passion is and she wants to really ā wants to use her creative side to develop her brand,ā Kris explained, noting that Kylieās almost 1-year-old daughter, Stormi Webster has a bright (and busy) future ahead of her.
āAnd, this is what she wants to do for the rest of her life,ā she continued. ā[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].ā
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? ā A longterm, global takeover.
āYesterday was a really big day for Kylie and our team at Kylie Cosmetics. [It was] truly a moment for our family to be proud,ā Kris, who has her own office in the Kylie Cosmetics building, gushed. āItās kind of a crystallization of all our work.ā
After sealing the deal, itās time to take things to the next level. āItās also a moment to just look forward and be really excited about the future. I think the goal is to just keep building Kylieās existing beauty business into a global powerhouse brand. Thatās the vision,ā Kris explained. āWe 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 weāre so excited about.ā
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.
āThis is her baby and this is her dream. It wasnāt about just building something. Weāve been in business for a few years and sheās so proud of what sheās built and sheās so excited about the partnership,ā Kris said, noting, āBut, at the same time, this is her dream to build this beauty empire and just go into many categories that she hasnāt even scratched the surface.ā
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 worldās youngest self-made billionaire in March 2019. And, sheās only 22. Let that sink in.