Global beauty company Coty has acquired a 51% stake in Kylie Cosmetics for $600 million. The purchase gives Kylie Jenner’s relatively young company a valuation of almost $1.2 billion.
Brands currently owned by Coty include Covergirl, OPI, Rimmel, GHD, and Clairol.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” said the entrepreneur and reality star in a statement. “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.”
Jenner and her existing team will remain at the brand, heading up its creative direction, while Coty will help to develop the range and push into new markets. Despite only being four years old, it’s been reported that Kylie Cosmetics achieved revenue of $420 million in its first 18 months of business, predominantly thanks to Jenner’s extensive social media reach and influence. The brand launched with just three lip kit shades in 2015, but that didn’t stop the website from immediately crashing due to the huge demand.