Kylie Jenner Sells $600 Million Majority Stake in Beauty Business

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.

"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.

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Kylie Jenner Sells $600 Million Stake in Beauty BusinessCoty is paying $600 million for a controlling stake in Kylie Jenner’s cosmetics startup, wagering that the celebrity’s brand can revive a struggling beauty business based on CoverGirl and MaxFactor.
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Kylie Jenner sells a $600 million stake in her cosmetics companyKylie Jenner is selling a majority stake of her popular cosmetics line for $600 million, but she's staying on as its creative leader.
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