Kylie Jenner has just sold a majority stake of Kylie Cosmetics. According to People, the reality star has sold 51 percent of her company to Coty, the company behind Covergirl, OPI, Rimmel, GHD, and Clairol.
This partnership will allow Kylie Cosmetics to expand to more retailers, and it will enable it to branch out globally. Kylie will still play a part in the company by leading all creative efforts of product development. She will also handle all communication for the company.
In a press release, Kylie expressed her excitement about the business venture. She says, “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.” She also adds, “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.”
Kylie Cosmetics is currently valued at $1.2 billion.