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.
- The deal had been rumored for the past few months.
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.