The world's youngest self-made billionaire just got even richer. Today, it was announced that Kylie Jenner has sold the majority (51 per cent) of her beauty and skincare line, Kylie Cosmetics, for US $600 million to Coty. As part of the deal, Kylie Cosmetics will be rebranded as Kylie Beauty and the sale values the company at almost $1.2 billion.
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Prior to the partnership, Kylie owned 100 per cent of the company since its launch in 2015, however, both sides have confirmed she'll still be just as involved as ever - she will still be the face of the brand and will “lead all creative efforts of product development and communication initiatives.”
"I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Kylie said in a statement. "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. 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."
In addition to expanding Kylie Cosmetics and Kylie Skin’s product offerings, Coty said in a statement that it also sees potential in the fragrance category.
This article originally appeared on InStyle Australia