She’s cashing out the cosmetics.
Kylie Jenner is selling a 51% share of her cosmetics and skincare companies to COTY for $600 million, in a deal announced Monday.
COTY, who owns brands including Covergirl, Rimmel London, Gucci and Tiffany & Co., will acquire a majority share in the company to expand Kylie Cosmetics and Kylie Skincare globally, the company said in a statement.
Jenner,22, launched her cosmetics brand nearly four years ago in November 2015 and, in May of this year, launched the brand Kylie Skincare.
“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. 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," Jenner said in a statement.
Jenner’s brands will continue to be sold at luxury retailers and online, COTY said.
The deal is expected to close in the third quarter of 2020.
When her company first launched with her infamous Lip Kits, it was not without controversy.
In April 2016, a glitch on the company’s website exposed user information when customers would log into their accounts, only to be directed to another user’s.
Months later in July, the Lip Kits received the rating of "F" from the Better Business Bureau, after Jenner’s company “failed to resolve underlying cause(s) of a pattern of complaints,” according to a report.
Jenner’s companies have turned a massive profit, earning the businesswoman and reality star billionaire status at the age of 21 in March 2019.