Kris Jenner Reveals Why Kylie Jenner Sold Majority Stake in Kylie Cosmetics

Kris Jenner is revealing why Kylie Jenner decided to sell her majority stake in Kylie Cosmetics for $600 million.

“Yesterday was a really big day for Kylie and our team at Kylie Cosmetics. [It was] truly a moment for our family to be proud,” Kris said in a new interview with CNBC’s Squawk Box. “It’s kind of a crystallization of all our work. It’s also a moment to just look forward and be really excited about the future.”

About why Kylie decided to sell her majority share, Kris said, “I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That’s the vision. We decided to partner with Coty because they share the same vision as we do in building this into a huge thing. We dream big and this is something we’re so excited about.”

“This is her baby and this is her dream, to build this beauty empire and just go into many categories that she hasn’t even scratched the surface,” Kris continued. “She looks forward to working with Coty to develop more categories and going into other areas of the beauty business.”

“She feels like this is where she belongs. This is where her passion is and she wants to really — wants to use her creative side to develop her brand. And this is what she wants to do for the rest of her life,” Kris continued. “[Kylie] talks about it all the time. Twenty years from now she sees herself doing this and maybe passing it down to her daughter [21-month-old Stormi].”

Kylie Cosmetics is currently valued at $1.2 billion.