Kylie Sold Kylie Cosmetics for $600 Million
After maintaining full ownership of Kylie Cosmetics since its launch in 2015, Kylie Jenner has officially sold a majority stake in her business to beauty conglomerate Coty for $600 million.
Jenner, 22, sold a 51 percent stake in Kylie Cosmetics to Coty, which owns other beauty brands including Covergirl, OPI, Rimmel, GHD and Clairol. The sale valued the company at almost $1.2 billion, Business of Fashion reports. While Jenner did sell a majority stake in Kylie Cosmetics, according to an official release, she and her team will continue to 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. 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,” Jenner said in a release.