Kylie Jenner sells majority stake of her massive cosmetics company for $600 million originally appeared on goodmorningamerica.com
After four years of owning 100% of the brand, Kylie Jenner has agreed to sell a little more than half of her business to Coty.
For $600 million, 51% of Kylie Cosmetics is reportedly being sold to the beauty giant, which also houses big name brand CoverGirl and Clairol.
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"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," said Jenner 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."
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."
According to a press release from the brand, this new acquisition is expected to close in the third quarter of the fiscal year 2020.
"We are pleased to welcome Kylie into our organization and family," said Coty chief executive officer Pierre Laubies in a press release. "Combining Kylie's creative vision and unparalleled consumer interest with Coty’s expertise and leadership in prestige beauty products 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."
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The brand most recently announced an upcoming holiday collection launching on Nov. 19 that will be available exclusively at Ulta. The line will include new eyeshadow palettes, lip kits and more.
In March, Forbes named Jenner the world's youngest "self-made" billionaire, and the company has continued to expand.