Coty, which also owns Max Factor and Sally Hansen, has bought a 51% stake in Kylie Cosmetics.
Kylie Jenner is selling a stake of her beauty business to the CoverGirl owner Coty, in a deal that values the reality TV star’s company at about $1.2bn.
Coty said on Monday that it would pay $600m for a 51% stake in Kylie Cosmetics. It plans to launch more products under the Kylie brand and sell them in more countries around the world. The deal is expected to be completed early next year.
Jenner, part of the Keeping Up with the Kardashians reality show family, founded her company in 2015, tapping into her hundreds of millions of social media followers to promote her popular lip liners and liquid lipsticks.
The 22-year-old, who is the youngest sister of Kim Kardashian West, will still be the face of the brand and be involved in creating new products.