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Global cosmetics company Coty has purchased a 51 percent stake in Kylie Jenner’s company, Kylie Cosmetics and Kylie Skin.
According to CNN, Kylie sold the majority stake in her company for $600 million but will stay on as creative director, along with her team.
New York-based Coty Inc. owns several global beauty brands, including Cover Girl.
“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,” Kylie said in a statement.
According to Forbes, the deal valued Kylie Cosmetics at nearly $1.2 billion, cementing Kylie’s bonafide billionaire status.
Kylie started her cosmetics company at the tender age of 18 – and thanks to her powerful social media presence the business quickly became a hit with Kylie Cosmetics being the second-most-followed brand on Instagram.
“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,” Coty chief executive Pierre Laubies said in a statement.
The deal is expected to close in the third quarter of 2020.