Kylie Jenner has officially sold a majority stake of her cosmetics company, Kylie Cosmetics, to beauty conglomerate Coty for $600 million, a deal that was announced by both companies on Monday.
CBS News reports that Jenner sold Coty 51 percent of Kylie Cosmetics in a deal that valued the company at $1.2 billion. Up until this point, Jenner had owned 100 percent of the business since its launch in 2015. That ownership, combined with her small number of employees and impressive sales, led the 22-year-old to be crowned the world's youngest self-made billionaire by Forbes earlier this year at age 21.
The reality star is also behind her Kylie Skin brand and will remain the face of both Kylie Skin and Kylie Cosmetics. Coty said it will expand Jenner's business by using its own research and development, manufacturing, distribution and commercial resources.
"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 a statement. "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."
"Combining Kylie's creative vision and unparalleled consumer interest with Coty's expertise and leadership in prestige beauty products is an exciting next step in our transformation," Coty CEO Pierre Laubies said a statement. The companies added that the deal will enable "global expansion and entry into new beauty categories."
Forbes originally reported in July 2018 that Jenner was on track to become the youngest self-made billionaire ever, sharing at the time that her net worth was around $900 million and that her company was worth around $800 million. The mogul earned the status of billionaire thanks to Kylie Cosmetics, her role on Keeping Up With the Kardashians, endorsement deals and more.
"I didn’t expect anything. I did not foresee the future," the 22-year-old said at the time. "But [the recognition] feels really good. That’s a nice pat on the back."
While Jenner had received criticism over her self-made title, she defended her achievement during an interview with Paper magazine when she said that her parents, Kris Jenner and Caitlyn Jenner, "cut her off at the age of 15."0comments
"My parents told me I needed to make my own money, it's time to learn how to save and spend your own money, stuff like that," she said. "What I'm trying to say is I did have a platform, but none of my money is inherited."
Photo Credit: Getty / Erik Voake