After launching her namesake cosmetics line in 2015, Kylie Jenner has sold a 51 percent stake in Kylie Cosmetics to Coty for $600 million. The American beauty company valued Jenner’s business at nearly $1.2 billion. Kylie Cosmetics joins Coty’s list of beauty brands that include Covergirl, OPI, Rimmel, GHD, and Clairol.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” Jenner said in a release. “I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media.”
Jenner and her team will continue to head up the creative direction for the brand. “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,” she added.
Coty is expected to expand the product offerings of Kylie Cosmetics and Kylie Skin, as well as the distribution into more retailers. Coty predicts that Kylie Skin, for one, will likely reach $25 million in sales in 2019.
Kylie Cosmetics turned Kylie Jenner into the world’s youngest self-made billionaire earlier this year, according to Forbes. She launched the business in November 2015 with three lip kit shades, leading to the crash of her e-commerce site. It’s been reported that Kylie Cosmetics did a whopping $420 million in sales in its first 18 months of business.