Reality TV star Kylie Jenner is selling a stake of her beauty business to CoverGirl owner Coty, in a deal that values the four-year old brand at about $1.2 billion.
Coty Inc. said Monday that it will pay $600 million for a 51% stake in Kylie Cosmetics. Coty said it plans to launch more products under the Kylie brand and sell them in more countries around the world.
Jenner, part of the “Keeping Up with the Kardashians” reality show family, founded her company in 2015, relying on her hundreds of millions of social media followers to promote the brand, which includes her popular lip liners and liquid lipsticks.
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The products were only sold online until last year, when the Kylie Cosmetics struck a deal to sell them in 1,100 Ulta Beauty stores.
Coty said Jenner will still be the face of the brand and be involved in creating new products.