Reality-TV star Kylie Jenner is selling a stake of her beauty business to CoverGirl owner Coty, in a deal that values the 4-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.
Coty said the 22-year-old Jenner will still be the face of the brand and be involved in creating new products.
The company hopes that the celebrity-backed business can help boost its sales and connect with shoppers younger than 35, a group that traditional makeup brands have struggled to reach. Coty’s other brands, including Max Factor makeup and Sally Hansen nail polish, have been around for decades.
Jenner’s products were only sold online when her line was first launched, but last year the brand struck a deal to sell its goods in 1,100 Ulta Beauty stores. Jenner expanded her empire earlier this year with Kylie Skin, a line of moisturizers, under eye creams and facial scrubs.
“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.