Kylie Cosmetics' new owners face stock drop, after the beauty mogul sold 51% of her shares

Many celebrities across the globe have launched their own business ventures. The latest to join the club is beauty mogul and reality show star, Kylie Jenner, as the actor launched her own cosmetic company, Kylie Cosmetics. Recently, Kylie Jenner sold 51% stakes of her cosmetics company, Kylie Cosmetics, becoming the youngest billionaire in the world. However, Kylie Jenner’s decision seems to have taken a toll on her company’s stocks. Here are all the details.

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Kylie Cosmetics stocks fall

Recently, Kylie Jenner shared an exciting piece of news with her fans, as the beauty mogul sold 51% of her stakes to the popular makeup brand, Coty for a reported $600 million. According to reports, the new owners of Kylie Cosmetics will be in charge of the marketing side and Kylie Jenner will remain the public face and ambassador of Kylie Cosmetics. Reportedly, the purchase initially boosted the shares of Coty, but there has been a sudden decline in the shares over the past week, as the stocks declined from $12.22 to $11.53, after the purchase of Kylie’s majority stake. Following the sudden decline, the stocks continued to trend downward to roughly 5.5 percent.

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Kylie Cosmetics

After the launch of Kylie Cosmetics, Kylie Jenner became the wealthiest member of the Kardashian-Jenner family with an estimated net worth of $1 billion, which is reportedly still on track to make $200 million this year. Launched in 2015, Kylie Cosmetics made its way to over 1,100 stores in 2018 in partnership with Ulta Beauty Inc. 

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