The richest of the Kardashian-Jenner sisters, Kylie Jenner, whom according to Forbes richest 2018, was dubbed with the title of the youngest self-made billionaire, when her cosmetic company was valued at $1.2 billion, has recently forfeited that title.
According to reports, Kylie just sold the majority of her company's share, actually 51% of kylie cosmestics for the sum of $600 million in cash. Therefore leaving her with just 49℅ of her company's share, hereby making her a non decisive partner, since the decision power now lies with the new owner.
It was disclosed by TMZ that, the new owner of Kylie cosmetics, is Coty, the famous owner of Cover girl, Max factor and Clairol. Although part of the deal was Kylie would remain the creative director and also handle all the publicity aspects of the company, so she won't really be a silent partner creativity wise. But the financial control now rests solely on Coty.
Looking at the brighter side for Kylie, now she would actually worth $700 million dollars in cash, since her networth in cash before the deal was just $100 million, while the rest of her cash was part of her company. But now she's literally surpassed the likes of Beyonce, Madonna, Mariah Carey, who are on the top of Forbes' list richest female celebrities.
We must agree, Kylie is an industrious lady, at just 22 she's approaching official billionaire's status in cash. And she still has a solid share of her company, whose future is very bright. In few years time, Kylie Jenner may actually top the list of Forbes richest women in the world.
What do you think? Did she make a mistake selling the major share of her company or was it a smart move?
Leave a comment below.