Kylie Jenner is selling a majority stake in her popular cosmetics line for $600 million, but remains its creative leader.
The celebrity entrepreneur will sell her 51% stake in Kylie Cosmetics to Coty Inc. (COTY), a New York-based cosmetics company that also owns a number of international consumer beauty brands, including CoverGirl. The partnership will help Kylie’s brand expand globally and enter new beauty categories, the two companies said in a press release Monday.
“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,” Jenner said.
Jenner’s team will continue to handle her creative and communications efforts, which is notable because she is one of the most followed people on social media. She has 150 million followers on Instagram and 30 million followers on Twitter.
The cosmetics brand has generated approximately $177 million in revenue over the past year, according to Coty. The agreement is expected to close in the third quarter of 2020. Kylie ratifies her reign in the world of makeup.
