Beauty Company Coty is buying a 51% stake in Kylie Jenner’s cosmetics business for $600 million. The deal, which values the young entrepreneur’s namesake beauty brand at $1.2 billion, will enable “global expansion and entry into new beauty categories,” the companies said in announcing the deal.
Jenner, whom Forbes has described as the youngest “self-made billionaire,” will remain the face of both of her brands, Kylie Cosmetics and Kylie Skin. The 22-year old has become one of the most influential celebrities, amassing more than 270 million followers on social media. The youngest member of the Kardashian clan founded the company in 2015, when she was still a teenager.
“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 communication efforts, which is notable because she’s one of the most-followed people on social media. She has 150 million followers on Instagram and 30 million Twitter (TWTR) followers.
The cosmetics brand has generated roughly $177 million in revenue over the past year, according to Coty. The deal is expected to close in the third quarter of 2020.