Kylie splashes out on diamond amid stock plunge

According to the New York Post, Kylie Jenner is having trouble keeping up with the stock markets.

After she sold a majority share of her beauty brand Kylie Cosmetics to Coty earlier this week, Coty shares have been plummeting, according to TMZ.

Jenner, 22, got a whopping $600 million for giving up a 51 percent stake to Coty, which owns other beauty brands CoverGirl, OPI, Rimmel London and Sally Hansen.

As of Saturday morning, Coty stocks were trading at $11.53 a share, the lowest they’ve been in a month. Though the price spiked on the day of the purchase of the reality star’s empire up to $12.22, the rise didn’t last.

Kylie Cosmetics sold a 51 percent share to Coty Cosmetics but share prices have plunged since the merger. Picture: AFPSource:AFP

This comes at a time when beauty sales are down nationally, though Coty says Jenner’s empire has been immune to the losses. When announcing the purchase, Coty’s chief executive Pierre Laubies said that sales of Kylie Cosmetics grew 40 percent this year. However, The Post reported in May that the reality star actually saw a 14 percent sales decline.

Some analysts believe Coty overpaid. The valuation of the youngest of the Kardashian brood’s line came from her devoted social media audience and fanbase, as well as the notion that she earned $100 million over three years from the brand.

Despite the financial ups and downs Jenner just dropped a few stacks on best friend Stassie Karanikolaou, buying her long-time confidante a beautiful diamond ring that the beauty has chosen to rock on her pinky finger.

While sharing a private booth at Friday night’s Los Angeles Clippers game along with Jenner’s assistant, Victoria Villarroel, and influencer Kelsey Calemine, Karanikolaou flaunted the gorgeous rock while thanking the makeup mogul in a social media post.

Kylie Jenner gifted her friend Stassie with a huge diamond. Picture: Instagram

Kylie Jenner gifted her friend Stassie with a huge diamond. Picture: InstagramSource:Supplied

“@kyliejenner you shouldn’t have,” Stassie wrote as she panned her phone up to Kylie, who gave a wink to the camera.

Kylie, 22, also threw Stassie a weekend-long soiree to celebrate her 22nd birthday in June, which included pool parties, bottle service and a “Handmaid’s Tale”-themed party that sparked a major backlash online.

This article first appeared in the New York Post and is republished with permission.

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