Kylie Jenner photo Getty Images
Kylie Jenner sold his business. Following the deal, the 22-year-old Instagram star became the youngest billionaire in the world.
Monday, November 18, younger sister of Kim Kardashian has officially received the status of the youngest self-made billionaire in history. 22-year-old Kylie Jenner took the title of Mark Zuckerberg, founder of Facebook, who became the owner of billionaire in 23 years.
Controlling stake their precious shares, namely 51% of companies Kylie Kylie Cosmetics and Skin Kylie Jenner sold Franco-American manufacturer of cosmetics, Coty Inc., which owns CoverGirl and Tiffany & Co.
Coty Inc paid Kylie Jenner for “long-term strategic partnership” of $ 600 million, which translated into hryvnia is nearly 14.5 billion: 14 488 970 813грн.
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While Kylie did not leave the company and will henceforth engage in creativity and communications. That is, in fact, nothing but the name will not change, face and body brand will remain Kylie Jenner, for which, incidentally, will now receive royalties.
As reported by the parties to the transaction in a joint press release, they expect to complete the transaction in the third quarter of 2020, after which acquired startups will be renamed Kylie Beauty. Kylie Jenner, which the press release called an “icon of modernity”, will retain a 49% stake in this company and will remain its creative Director and face of the brand.
Note that molodsha sister Kim Kardashian has opened its own brand of cosmetics Cosmetics Kylie in 2015 and is currently earned a billion dollars. Thus, she was ahead of the Creator of the social network Facebook Mark Zuckerberg, who made his first billion at age 23.