Billionaire Kylie Jenner is selling a 51% stake in her beauty company to Coty, a beauty conglomerate.
The sale which is expected to cost six hundred million dollars will see Jenner keep hold of the remaining 49% stake of Kylie Cosmetics, with the deal expected to close in 2020.
According to information coming forward, the 22-year-old Jenner and her team will continue to lead the company’s creative efforts related to products and communication.
Kylie started the company in 2015 and so far it has grown exponentially being valued at over a billion dollars last year. Coty will now work on providing Kylie’s brand with a more global reach through this acquisition.
This is not the first time that Coty has acquired a brand, having purchased of Proctor and Gamble’s beauty care line that includes Clairol and CoverGirl in 2016.