Will Stormi Webster help run Kylie Cosmetics one day?
Kris Jenner is reassuring fans that Kylie Jenner will continue building the company despite selling off most of it week, adding that the 22-year-old reality star wants to remain in the beauty business for the rest of her life and may pass down her empire to her own daughter.
On Monday, beauty company Coty Inc. announced it will pay $600 million for a 51% majority stake in Kylie Cosmetics. The deal values her group at about $1.2 billion, and is set to close in the third quarter of the 2020 fiscal year. Under the terms of the agreement, Kylie and her team will "continue to lead all creative efforts in terms of product and communications initiatives."
"She feels like this is where she belongs, this is where her passion is, since she really wants to use her creative side to develop her brand," Kris said on CNBC on Tuesday. "And this is what she wants to do for rest of her life. She talks about it all the time. Twenty years from now, she sees herself doing this and maybe passing it down to her daughter."