Industry Expert

In November 2019, Kylie Cosmetics sold to Coty, the international beauty conglomerate, for a valuation of around $1.2 billion. She sold a 51% stake for $600 million. And I think that our initial reaction at Forbes was huge. It was so exciting. We were right. It was an incredible moment. This company that she built is worth over a billion dollars. This public company proved it.

I think we just...

I think we just...

I think we just...

If If you hadn't written that story that was like, she's a billionaire, this is a huge business, would Cody have bought the company for over a billion dollars?

If If you hadn't written that story that was like, she's a billionaire, this is a huge business, would Cody have bought the company for over a billion dollars?

If If you hadn't written that story that was like, she's a billionaire, this is a huge business, would Cody have bought the company for over a billion dollars?

I would say it probably started like around March 2020. Once a year, basically for every billionaire, you look at their net worth and reevaluate it in a serious way. So that's when we said, hold on a minute. The pandemic had happened. It was March, April.

I would say it probably started like around March 2020. Once a year, basically for every billionaire, you look at their net worth and reevaluate it in a serious way. So that's when we said, hold on a minute. The pandemic had happened. It was March, April.

I would say it probably started like around March 2020. Once a year, basically for every billionaire, you look at their net worth and reevaluate it in a serious way. So that's when we said, hold on a minute. The pandemic had happened. It was March, April.

Please stay inside, you guys.

Please stay inside, you guys.

Please stay inside, you guys.

Practice social distancing, self-quarantine.

Practice social distancing, self-quarantine.

Practice social distancing, self-quarantine.

So beauty valuations across the board were going down. No one was wearing makeup and no one was going out, and so no one needed it.

So beauty valuations across the board were going down. No one was wearing makeup and no one was going out, and so no one needed it.

So beauty valuations across the board were going down. No one was wearing makeup and no one was going out, and so no one needed it.

We realized that the price that Kody spent on it might not be fair market value any longer. And that's when we were looking at the revenues to try to figure out what that half of the company would be worth on the open market.