Kylie Jenner at the 2019 Grammy Awards. Photo: Valerie Macon/AFP via Getty Images

Kylie Jenner announced Monday that she is selling 51% of Kylie Cosmetics for $600 million to Coty Inc., the company that owns CoverGirl and Clairol, per the Wall Street Journal.

Why it matters: Coty valued Kylie Cosmetics at $1.2 billion and is wagering that the celebrity’s personal brand and social media influence can revive its struggling beauty business.

What she's saying: "I am excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. ... 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.

Go deeper:

Go deeper

Updated 50 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1:30 a.m. ET: 18,540,119 — Total deaths: 700,647 — Total recoveries — 11,134,715Map.
  2. U.S.: Total confirmed cases as of 1:30 a.m. ET: 4,771,087 — Total deaths: 156,801 — Total recoveries: 1,528,979 — Total tests: 57,543,852Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — Local governments go to war over schools.
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll.
  5. Politics: Trump's national security adviser returns to work after coronavirus recovery Republicans push to expand small business loan program.
  6. Sports: Indy 500 to be held without fansRafael Nadal opts out of U.S. Open.
Updated 21 seconds ago - World

At least 100 killed, 4,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: More than 100 people have been killed and over 4,000 injured, the Lebanese Red Cross said, per AP. Prime Minister Hassan Diab said the explosions occurred at a warehouse that had been storing 2,750 tons of ammonium nitrate for the past six years.

Updated 3 hours ago - Science

In photos: Storm Isaias lashes the East Coast

Floodwaters in Muhlenberg Township, Pennsylvania, a result of Tropical Storm Isaias moving along the East Coast on Tuesday. Photo: Ben Hasty/MediaNews Group/Reading Eagle via Getty Images

Isaias became a post-tropical cyclone as it moved into southeast Canada late Tuesday after pummeling the East Coast for much of the day with heavy rains and wind —trigging tornadoes, floods and leaving millions without power. At least six people have lost their lives in the storm.

The big picture: Isaias made landfall as a Category 1 hurricane in North Carolina late Monday before being downgraded. It dumped heavy rain across Florida as a tropical storm over the weekend and on July 31 lashed the Bahamas and parts of Puerto Rico and the Dominican Republic as a Category 1 hurricane.