CNBC Exclusive: CNBC Transcript: Jenner Communications CEO Kris Jenner Speaks With CNBC‘s “squawk Box” Today
WHEN: Today, Tuesday, November 19th
WHERE: CNBC’s “Squawk Box”
Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Jenner Communications CEO Kris Jenner on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Tuesday, November 19th.
Watch CNBC’s full interview with Kris Jenner on her family’s media dynasty
All references must be sourced to CNBC.
Andrew Ross Sorkin: it is now time to talk to Kylie Jenner’s mother. Kylie Jenner is selling a controlling stake in her cosmetic startup to coty for $600 million. Together jenner and coty plan to expand the beauty brand globally and branch out to new categories. And joining us right now in an exclusive interview and her “Squawk box” debut is Kris Jenner, CEO of Jenner Communications. Kris, thank you for calling in this morning.
Kris Jenner: thank you. Good morning.
Sorkin: and waking up early. So it’s funny because, you know, when you and I talked last week – or maybe even right before we talked on stage you had said something big might be coming. I image this is it. You had made some references to private equity. So tell us, how did this deal come to pass? How did it happen?
Jenner: well, you know, yesterday was a really big day for Kylie and our team at Kylie cosmetics. Truly a moment for our family to be proud. You know, it’s kind of a crystallization of all of our work, but also a moment to just look forward and be really excited about the future. And I think the goal is to just keep building Kylie’s existing beauty business into a global powerhouse brand. That is the vision. And we decided to partner with coty because they share the same vision that we do in building this into a huge thing. And you know, we dream big and this is something we are so excited about.
Sorkin: how much of this was about building the business? Meaning, what you thought coty could do to increase the scale and scope of this globally, and how much of this is a little bit of taking some money off of the table. I know that you are still going to own – Kylie is still going to own a huge percentage of the business.
Kris Jenner: right. Well that was really important to Kylie because this is her baby and this is her dream. It wasn’t just about building something. We’ve been in business just a few years and so proud of what she has built and she is so excited about the partnership. But at the same time, you know, this is her dream is to build this beatuy empire. And just going into many categories that she hasn’t even scratched the surface.
You know, she launched skin this year and she’s really excited about that and that has been a huge success for her and looks forward to working with coty to develop more categories and going into other areas of the beauty business. And that’s very exciting. And she feels like this is where she belongs. This is where her passion is and she 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. She talks about it all the time. 20 years from now she sees herself doing this and maybe passing it down to her daughter.
Joe Kernen: kris, it’s joe kernen and I just thought of a sort of philosophical question. A lot of people that become billionaires lets say, or become incredibly wealthy, they become reclusive. I’m just wondering, would there ever come a time where the kardashians would become not a media family, not someone that has a reality tv show but just purely business people and just run the business and just stay out of the public eye and just – I mean, could you see that or –
Sorkin: the media piece is so integral to the rest of the business.
Kernen: that’s what I mean. It is integral. Some day it might not be as integral. Is it integral to the business or do you just like being out there?
Kris Jenner: well, I think that, you know, we enjoy what we’re doing. We have a very successful television show in almost 200 countries around the world and that really does expand, you know, the global reach for us for sure. But we really enjoy what we’re doing and we’ve been doing it now for over a decade. We’re about to start shooting season 19 in a couple of months and we’re finishing up 18 now and it’s what we do.
We love working together as a family and I think that we enjoy so much all the creative things we do, all the brands we work on, all the different categories we’re able to expand in. And I think that because we enjoy success at some of these things that it really does reflect on the other family members. So when somebody like if – Kylie who had an exciting day yesterday, her family and her brother and sisters are so excited for her. That just really expands the reach of all of the kids. It kind of, you know, is this blanket across the whole family and I’m just really proud of them.
Sorkin: so kris, the other question I was going to ask is now that you have this relationship with coty, could you imagine either selling pieces of any of the other businesses by any of your other daughters – I’m thinking of the kkw business that Kimhas or skims, eventually – and effectively consolidating the whole empire with a private equity arm, if you will?
Kris Jenner: well, I think there’s always that possibility, you know, as the businesses grow. I think that the focus for the kids isn’t always about growing it just to sell it. I think they are really so passionate about what they’re doing. For example, you mentioned Kim’s skims. I mean, I can’t think of a better match than Kim and her skims business because she’s just dreamed about this for a decade. You know, thought about developing something like this, thought about creating a business like this. And she’s done it and she lives it and breathes it and I watch her every single day try to, you know, create something even better, you know?
And it’s really exciting. So I think that it’s the whole process of what they’re going through and learning. You know they’re all still so young. I think about myself and when I was that age and have the ability to be so creative and have the tools to be able to build these things. And I think it’s very exciting for them and I think that if they do grow the business and they’re able to sell something and keep having a hand in it, that that’s kind of the ideal situation.
David Novak: Kris, you’ve done just such an amazing job building brands and also building a family business. A lot of entrepreneurs struggle with family businesses. Do you have – what’s your secret to keeping everybody aligned and together and having that positive belief in each other?
Kris Jenner: well, you know, I get asked that question a lot, and I think that we really truly like each other and really get along well and we spend a lot of time together and I think the key is probably communication. I think that the ability to really – I was on the phone last night with Kim for quite a while just, you know, talking about her businesses and what’s next and, you know, on and on. And I think, you know, I do that a lot with the girls and I think just really communicating about what they really want to do with their lives.
And, you know, I have ten grandchildren so that’s really exciting. We spend a lot of time together with the kids. And I’m just really blessed to have this big huge family and there’s a lot of joy mixed in with all of the business, mixed in with the filming. It’s kind of the perfect storm. So I’m really lucky, but I think communication would be the word that, you know, whatever that means to you and just being able to remember to enjoy the really sweet times and the family moments and it’s not all just about business.
Melissa Lee: yeah. That’s very important advice. Kris, I’m wondering when you’re building a brand is there a particular social media platform that you think is most effective? And in thinking about using that platform, do you think about the other things that the platform might now come under fire for? Such as privacy concerns or using consumer data? Does that ever enter the equation?
Jenner: well, I think, you know, I have a really great digital team that we try to focus on what works best for what brand. And we kind of spread our social media out amongst different platforms. But you know, there’s a lot of changes all the time. For example, when we first started shooting “keeping up with the kardashians” there was barely twitter. I remember ryan seacrest – I know I said this to you guys earlier last week, andrew, he called me and said, “you might want to tell Kim about this thing called twitter, she’s going to love it.” and so there wasn’t even instagram at that time.
So I think being able to adapt to new and different platforms at – like now there’s tiktok and there’s, you know, all of these different things – I think that the privacy part of it is, you know, obviously I’ve said this very vocally, you know, concerning. And there’s different aspects of social media that, you know, any of us might not be real happy about, but then there’s that side of it that’s so amazing and just, you know, the kids’ ability to go out there and use it for just positive things and obviously for business works really well for us. So it’s been such an amazing asset for my family.
Sorkin: so, Kris, how many phone calls did you get yesterday from other private equity firms that now want to buy other kardashian/jenner businesses?
Kris Jenner: well, you know, a girl doesn’t talk about everything.
Sorkin: I knew that would be your answer. I hope you collected 10% on this deal. Is that how this all works?
Jenner: well, you know, I’ve told you that before. Listen, she’s really lucky to be in the position she’s at and we work hard and I just want to continue to help the girls do whatever it is to, you know, just focus on what it is their dreams are and that makes me really happy. I think any time a mom is able to see the success of her daughters at this level and have them be really great people with great hearts and be super focused, I’m just super proud.
Sorkin: Kris, I want to thank you. And I just want to say – and we said it during commercial break – this family and these women are the most disciplined business people. It is actuall a remarkable thing and I got to see it in person and just spending time with them on the phone and other things. But it’s almost under appreciated sort of what they’re really doing here because it’s a genuine business. And we wish her luck.
Kernen: Kris, you probably should dvr this show. I know it’s early out there. Become a really faithful “Squawk box” viewer for the entire family, I think.
Jenner: oh I’m going to set it on recording all the time now.
Sorkin: every morning. Kris, thank you so very much.
Kris Jenner: every morning, guys.
Sorkin: thank you, Kris.
