Kylie Jenner sold a $600 million stake in her cosmetic company to Coty Inc, a beauty company that owns CoverGirl, Tiffany & Co. and Balenciaga among other notable beauty and fashion brands, according a press release from Coty on the matter.
In this new partnership, Coty will own 51 percent of Kylie Cosmetics.
Per the Wall Street Journal and Fox Business, Jenner will remain the public face of the brand, and it will be renamed Kylie Beauty.
The deal $600 million deal values Kylie’s beauty company at $1.2 billion, the outlets report.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” Jenner said in the press release. “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.”
Earlier this year, Forbes estimated Kylie Cosmetics to be worth over $900 million which propelled her to Forbes’ “youngest self-made billionaire” status.
“I see (Kylie Cosmetics) going very far,” Jenner told Forbes. “I work really hard.”
While the Forbes title earned backlash, with many arguing due to her family’s wealth she is not “self-made,” the youngest of the Kardashian-Jenner clan defended the idea that she was a “self-made billionaire” and called it “the truth.”
During an interview with The New York Times shortly after, Jenner changed her tune and admitted that she “can’t say I’ve done it by myself.”
“If they’re just talking finances, technically, yes, I don’t have any inherited money,” she said. “But I have had a lot of help and a huge platform.”
Jenner has more than 150 million followers on Instagram, which allows her to advertise her lip kits and products directly to her devoted fan base with virtually no marketing expenses.
USA TODAY has reached out to Kylie Jenner’s rep for comment.
Contributing Cydney Henderson and Hannah Yasharoff
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