Kylie Jenner is kashing in.
Four years after launching her inaugural lip kits, the 22-year-old billionaire is selling a majority stake in her famed beauty business. On Monday, Coty Inc.—home to dozens of beauty brands including CoverGirl, ghd and OPI—confirmed in a press release it will be acquiring a 51 percent ownership in a partnership with Jenner for $600 million.
"Coty Inc.and Kylie Jenner announced today that they have entered into a long-term strategic partnership in order to jointly build and further develop Kylie's existing beauty business into a global powerhouse brand," the release read. "Together, Coty and Kylie will set and lead the strategic direction of the partnership, focusing on global expansion and entry into new beauty categories. Kylie and her team will continue to lead all creative efforts in terms of product and communications initiatives, building on her unrivaled global reach capabilities through social media."
Meanwhile, Coty Inc. "will have overall responsibility for the portfolio's development, leveraging its global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise, as well as its deep understanding of the fragrances, cosmetics and skincare categories. In addition to its responsibilities within the partnership, Coty will act as a licensee for skincare, fragrances, and nail products," the press release stated.
Per Coty Inc., the acquisition is expected to close in the summer of 2020.
"We are pleased to welcome Kylie into our organization and family," Coty Chief Executive Office Pierre Laubies said in a statement. "Combining Kylie's creative vision and unparalleled consumer interest with Coty's expertise and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie's brands to reach their full potential."
As for the famed mogul, Jenner 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."