Kylie Jenner sold the majority stake of her Kylie Cosmetics company to cosmetic giants Coty Inc. for a reported $600 million earlier this month.
But now there are reports that the stocks have dipped by up to 50% since the acquisition. The Metro reports that following the news, their stock moved up to $12.22, but soon dropped to $11.53, the lowest they've been in a month.
Kylie sold the shares to Coty Inc., who is the company behind beauty brands like CoverGirl, MaxFactor, and Clairol. The company is currently valued at $1.2 billion, and Kylie Cosmetics is on track for roughly $200 million in sales this year, per WSJ.
"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. 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," Kylie said in a statement at the time.
Despite the sale, Kylie will remain the face of both of her brands, Kylie Cosmetics, and Kylie Skin.