Kylie Jenner has decided to sell a majority stake from her beauty empire to Coty for $600 million, the company announced on Monday.
Kylie is the first member of the reality-TV clan to add the 'billionaire' tag to her resume after flipping a share of her Kylie Cosmetics line to the company and other beauty mainstays for $600 million. The company also said it plans to bay 51 percent of Kylie Cosmetics, which values at $1.2 billion.
The deal, which is being expected to close at the end of 2020, will be making Coty responsible for Kylie Cosmetics' development, expansion, and distribution into new markets.
Jenner took to Twitter yesterday noon to announce the confirmation. "I can't wait for all of the amazing things to come for Kylie Skin and Kylie Cosmetics," she wrote to fans.
She further added, "I'm excited to partner with Coty Inc. to continue to expand my brands globally. This is only the beginning."
According to the company, the brand will also act as a licensee for the skin-care, fragrance and nail products for Kylie Cosmetics.