Kylie Jenner has agreed to sell a majority stake of her popular cosmetics line for $600 million.
The self-made Billionaire and reality star will sell 51% of her stake in Kylie Cosmetics to Coty Inc. (COTY), a New York-based cosmetics company that also owns a number of international consumer beauty brands, including CoverGirl.
The partnership will help Kylie’s brand expand globally and enter new beauty categories, the two companies said in a press release Monday, November 18, 2019.
But Kylie and her team will continue to handle her creative and communication efforts as she’s one of the most-followed people on social media.
“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,” Jenner said.
The cosmetics brand has generated roughly $177 million in revenue over the past year, according to Coty.
The deal is expected to close in the third quarter of 2020.
Coty CEO Pierre Laubies said in the release that the deal is “an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie’s brands to reach their full potential.”