I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media,” Jenner said in a release.
Kylie Kristen Jenner is an American media personality, socialite, businesswoman, and model. She has starred in the E! reality television series Keeping Up with the Kardashians since 2007 and is the founder and owner of cosmetic company Kylie Cosmetics.
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Last week, Coty and Kylie Jenner announced that they have entered into a long-term strategic partnership in order to jointly build and further develop Kylie’s existing beauty business into a global powerhouse brand.
The beauty giant Coty understands the power of Kylie Jenner’s influence and they are betting on a winning partnership moving forward. With this partnership, they are both leveraging different strengths. Coty is able to help Kylie’s brand expand in the global market and help develop a brand that has already been estimated by Forbes to be worth over 1 billion.
What we can all learn from the move that this superwoman just made?
Build What You Believe In
Kylie discovered her passion for fashion and makeup at a young age, and she turned this love into a billion-dollar company. She has a huge social media following and has been able to maximize her brand when it comes to product launches. Her fanbase is dedicated to following her every move and she influences what they consider to be “cool”. She is definitely a trendsetter for her age demographic.
Obviously this move for Kylie is something she feels will help elevate her brand. She didn’t give up creative control, but she partnered with a company that could expand her global market. Superwomen, learn the power of partnerships when it could elevate your business and brand to the next level.
Partner When It’s Smart
Coty Inc. will have overall responsibility for the portfolio’s development, leveraging its global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise, as well as its deep understanding of the fragrances, cosmetics and skincare categories.
However, because she has used her influence and resources to create a cosmetics empire that even the most successful beauty brands can’t compete with, Coty gave her creative control. The fact that Kylie doesn’t have to give control over the creative direction of her brand still leaves her in the driver’s seat and the face of her brand.
Kylie stated, “This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse. Coty Inc. will act as a licensee for skincare, fragrances, and nail products.
Because Kylie decided to partner with Coty for 51 percent majority stake of Jenner’s beauty empire, she is now valued at $1.2 billion—surpassing the estimates that Forbes gave her last year.
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