In a press release on Monday, Kylie Jenner revealed that she has sold a 51% stake in her beauty brand to Coty Inc. for $600 million. Coty, a multinational beauty company that is home to brands like Covergirl, has valued Kylie's company—which includes the two wildly popular brands, Kylie Cosmetics and Kylie Skin—at $1.2 billion. Through this new partnership, Coty will use its expertise in cosmetic business practice to expand Kylie's company into a global phenomenon. Kylie and her team, however, would maintain creative control over the company as well as handle communications. Kylie will also remain the face of both brands. "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," said Kylie.
Rick Kern/Getty Images for Ulta BeautyThis is just the latest achievement in Kylie's cosmetics career.
While only founded four years ago, Kylie's beauty brand, Kylie Cosmetics, had amassed a whopping $900-million value as of March this year, making her the youngest self-made billionaire according to Forbes. Following this evident indicator of the brand's success, Kylie launched her skincare line, Kylie Skin, this past May. While some of the products in the line caused some online controversy, she managed to make it work, and this deal with Coty proves that she is just getting started in the beauty world.