Kylie Jenner sells majority stake in her cosmetics business
Kylie Jenner has sold a majority stake in her cosmetics business for 600 million US dollars, about £463 million.
The 22-year-old sold 51% of Kylie Cosmetics to makeup and fragrance giant Coty Inc, in a deal which values the company at about 1.2 billion US dollars (£926 million).
Jenner was still still a teenager when she launched the business in 2015 as a line of lip kits.
According to Coty, which also owns brands including Max Factor, Rimmel and Clairol, the deal will see Jenner “lead all creative efforts in terms of product and communications initiatives”.
Coty cited Jenner’s more than 270 million social media followers across her personal and business accounts , saying she is “one of the most influential voices among beauty consumers globally”.
Jenner, who appears alongside her family on reality TV show Keeping Up With The Kardashians, said: “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world.
“I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media.
“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.”
The move solidifies Jenner’s reputation as one of the youngest billionaires in the world.