Give Kylie Jenner her props!
The cosmetics maven just made a major deal regarding Kylie Cosmetics, selling a reported 51% of the company to Coty for $600 million. When she launched Kylie Cosmetics in 2015, she owned the full 100% of the business. Now by selling the majority stake, she’s increased the brand’s value to $1.2 billion.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. 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 said in a release.
She continued, “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.”
Coty owns other beauty brands such as Covergirl, OPI, Rimmel, GHD and Clairol.
According to PEOPLE, Coty plans to “capitalize on the strengths of Jenner’s digitally-native company and utilize its “high potential” to continue growing it into a global beauty powerhouse.”