Kylie Jenner has sold a $600 million majority stake in her cosmetics company, Kylie Cosmetics. Coty confirmed in a press release Monday that it acquired 51 percent ownership in Jenner's beauty business, saying the partnership will build and further develop Kylie Cosmetics into "a global powerhouse brand." Coty will develop the Kylie Cosmetics portfolio and act as licensee for skincare, fragrances and nail products.
Jenner, 22, released her Kylie Lip Kits in 2015 and launched Kylie Cosmetics the next year. "We are pleased to welcome Kylie into our organization and family," Coty CEO Pierre Laubies said. Jenner and her team will continue to lead all creative efforts at Kylie Cosmetics, including product and communications initiatives.
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