Kylie Jenner has sold a majority stake in Kylie Cosmetics to beauty conglomerate Coty Inc.
Coty, owned by the European investment firm JAB Ltd., acquired a 51% controlling stake in the company for $600 million, valuing the brand at $1.2 billion. The Wall Street Journal reports that Jenner will remain the “public face” of the brand.
Jenner founded the brand in 2015, and it quickly became successful. In 2017, two years after its launch, Forbes reported that the brand already had a valuation of $800 million, with Jenner, at the time, on track to become the youngest self-made billionaire in history. She achieved this feat just two years later, in June 2019, according to Forbes.
Coty said in a statement that Jenner’s brand is set to bring in roughly $200 million in sales this year.