Beauty company Coty is buying a 51% stake in Kylie Jenner's cosmetics and skincare company for $600 million.
Under the transaction, Coty, whose brands include Hugo Boss and Burberry fragrances, will pay $500 million for a 51 percent stake in Jenner's company, 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, The Guardian reported.
“I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Jenner said in a statement. “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," she added.
Kylie started her makeup line in 2015 with lipstick and lip liner kits. Being one of the biggest social media influencers, the kits were sold out within minutes of launching.
