The young “self-made” billionaire Kylie Jenner‘s purse just got a lot heavier. According to Business of Fashion, news released that the beauty guru has sold a majority stake of her Kylie Cosmetics company to American beauty conglomerate Coty Inc. for a staggering $600 million payout.
The Coty Inc. purchase gave the beauty house a majority ownership as the purchase combed a 51 percent stake in the namesake label. To match the Forbes listing of Kylie being the youngest self-made billionaire, Coty valued the Kylie Cosmetics company close to $1.2 Billion dollars. In a release, Jenner exclaimed “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. 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 said.
Jenner will continue to keep creative direction of the brand along with her team whom have pumped out 10+ campaigns and collections. Kylie Cosmetics and Kylie Skin joins a legacy of beauty brands under the Coty umbrella including Rimmel London, Opi, Covergirl, GHD, and Clairol.