Kylie Jenner was pictured out in LA on Sunday evening after inking a sensational deal for the partial sale of her beauty company. The 22-year-old cashed in by selling off a $600m stake in her brand while keeping a 49per cent stake worth just under $600m. The billionaire celebrated the deal by visiting her pals Hailey and Justin Bieber at their Beverly Hills home on Sunday evening.
Kylie was dressed in head to toe pink and rolled up in her custom Bentley, which is just one of her huge fleet of luxury cars. Beiber, 25, was later spotted taking his new electric bike for a ride around the neighborhood. Kylie no doubt had lots to talk about as earlier in the day it was revealed she had sold 51 per cent of her billion dollar Kylie Cosmetics line to CoverGirl owner Coty. ‘Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together,’ said Coty board chairman Peter Harf, when the news broke. Jenner was named the world’s youngest self-made billionaire of all time by Forbes earlier this year with an estimated net worth of $1billion at the time.
Jenner, who is the youngest and richest of the entire Kardashian-Jenner family, started her make up line in 2015 by selling $29 lipstick kits. The kits sold out within minutes of launching – an early sign of the power of her now 270 million-plus social media following. Jenner’s products were only sold online when it was first launched but last year the brand struck a deal to sell its goods in 1,100 Ulta Beauty stores across the U.S. She expanded her empire earlier this year with Kylie Skin – a line of moisturizers, under eye creams and facial scrubs.
Jenner brought in sales of an estimated $360 million last year, according to Forbes. Indeed even Justin is a fan of her products, which started with lipstick in 2015, before expanding into other lines. He posted a shot of himself using her Kylie Skin suntan lotion as he lazed by a pool on Sunday. Meanwhile, Justin announced last month that he’s set to drop a new album before the end of the year. He hasn’t released any solo music since his 2015 Purpose album although he has worked on singles including Ed Sheeran’s I Don’t Care and Billie Eilish’s Bad Guy this year and DJ Khaled’s No Brainer last year.