American model and businesswoman Kylie Jenner has sold majority shares of her beauty company for $600 million.
One of the cosmetic world’s established names, Coty Inc. has bought the shares of Kylie’s makeup and skincare businesses, the company announced on Monday.
The 22-year-old socialite enjoys a huge social media fan following of more than 270 million, which will help Coty attract a younger audience as it looks to revitalize sales.
Kylie Jenner, the youngest sibling of the wildly popular Kardashian-Jenner family, started her makeup line, Kylie Cosmetics in 2015 with lipstick and lip liner kits. The brand made her a billionaire as she featured on Forbes youngest self-made billionaire’s 2018 list.
According to Coty, Jenner’s brand had an estimated $177m in net revenues over the last year. Coty will hold 51 percent of her business.
The deal is expected to close in the third quarter of 2020.
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