The youngest self-made billionaire is about to get a whole lot richer. We didn’t know that was even possible.
Kylie Jenner sold 51% of her company Kylie Cosmetics to Coty for $600 million. Coty is a conglomerate that owns the beauty powerhouses of CoverGirl, OPI, Rimmel, and Sally Hansen.
In a press statement, Kylie 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.”
Rumors of the sale have been surfacing since June, but the official announcement was made on November 18th. The beauty mogul will remain the face of the company, but the name will be changed to Kylie Beauty under the new majority owner. Kylie will “lead all creative efforts of product development and communication initiatives.”