As if it was humanly possible, Kylie Jenner has become a whole lot richer this week.
The beauty mogul and youngest self-made billionaire sold a majority of Kylie Cosmetics for $600 million to Coty, a conglomerate that owns many other beauty labels such as CoverGirl, OPI, Rimmel, and Sally Hansen.
Kylie responded to the sale in a press conference, “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.”
Coty now owns 51% of Kylie Cosmetics. There have been rumors about the sale since June, but it became official November 18th. Under the new majority owner, the brand’s name will be changed to Kylie Beauty.
Kylie will still be the face of the brand and she will “lead all creative efforts of product development and communication initiatives.”