Multinational beauty company, Coty, has announced it will purchase a 51 per cent stake in Kylie Jenner's beauty business.
The $600 million purchase includes Jenner's brands Kylie Cosmetics and Kylie Skin and values the business at almost US$1.2 billion, according to Forbes.
The deal means that Jenner will keep a 49 per cent stake in Kylie Cosmetics – she will also remain the creative lead on product development and marketing initiatives. The transaction is expected to be confirmed by mid-2020.
Coty has recently been open about making moves to target a younger demographic. By purchasing Kylie Cosmetics, which has over 22 million followers on Instagram, Coty will join a line-up of successful, social-first beauty companies like Glossier and Huda Beauty.
Coty chairman of the board, Peter Harf, said of the deal: "This new partnership between Kylie and Coty is an exciting step in Coty's renewed emphasis on its beauty business," he said. "Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together."