CoverGirl parent Coty wants to appeal to Gen Z shoppers. Its strategy: a $600 million deal for a 51% stake in a “long-term strategic partnership” with reality star Kylie Jenner’s four-year-old beauty business.
Coty, which also makes products including Sally Hansen nail polish and Gucci fragrances, said Monday that it expects the transaction to add to the sales growth of its core fragrance, cosmetics and skin care lines by more than 1% each year over the next three years. Kylie Cosmetics generated $177 million in sales the past 12 months, Coty said, adding that it has plans to expand the makeup brand across skincare and fragrance categories and to international markets. Kylie Cosmetics, which started with a makeup kit for lips, in May introduced its first skincare line, Kylie Skin.
Kylie Jenner “is going to set the foundation for a global beauty business,” Coty’s chief financial officer Pierre-André Terisse said on a conference call Monday. “She brings her incredible strong brand equity both as a person and as a brand with unparalleled social media reach among Gen Z consumers. This access to Gen Z is currently lacking in Coty’s portfolio.”
Jenner has more than 270 million social media followers, three-quarters of whom are between 18 and 34, according to Coty. Terisse said over half of her followers are based outside the U.S.
While expanding the brand to more categories and markets can be expected to juice Coty’s declining sales in the short term, the bigger question is whether Coty has paid too much for a four-year-old brand whose staying power is still a question for many.
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| CoverGirl parent Coty agrees to pay $600 million for a 51% stake in reality star Kylie Jenner's Kylie Cosmetics. (Photo by Charles Sykes/Invision/AP, File)CHARLES SYKES/INVISION/AP |
Coty, which also makes products including Sally Hansen nail polish and Gucci fragrances, said Monday that it expects the transaction to add to the sales growth of its core fragrance, cosmetics and skin care lines by more than 1% each year over the next three years. Kylie Cosmetics generated $177 million in sales the past 12 months, Coty said, adding that it has plans to expand the makeup brand across skincare and fragrance categories and to international markets. Kylie Cosmetics, which started with a makeup kit for lips, in May introduced its first skincare line, Kylie Skin.
Kylie Jenner “is going to set the foundation for a global beauty business,” Coty’s chief financial officer Pierre-André Terisse said on a conference call Monday. “She brings her incredible strong brand equity both as a person and as a brand with unparalleled social media reach among Gen Z consumers. This access to Gen Z is currently lacking in Coty’s portfolio.”
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Jenner has more than 270 million social media followers, three-quarters of whom are between 18 and 34, according to Coty. Terisse said over half of her followers are based outside the U.S.
While expanding the brand to more categories and markets can be expected to juice Coty’s declining sales in the short term, the bigger question is whether Coty has paid too much for a four-year-old brand whose staying power is still a question for many.
Search :
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