The world’s youngest “self-made” billionaire just got a whole lot richer.
Kylie Jenner has sold a majority stake of her cosmetics company for a whopping $600 million, according to CNN.
The 22-year-old sold Kylie Cosmetics to beauty conglomerate Coty Inc., which owns brands such as CoverGirl and Clairol.
Although Coty will have controlling interest, Jenner will still lead all creative and communication efforts for the brand, which is sure to please her more than 270 million social media followers.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” the Keeping Up with the Kardashians star said in a statement.
“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.”
She added: “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.”
Launched in 2015, Kylie Cosmetics has taken the beauty industry by storm and was recently valued at $1.2 billion.
In May, the reality star expanded the brand with the introduction of Kylie Skin. The line has been a massive success and is expected to take in $25 million in sales by the end of the calendar year.
Despite the sale to Coty, both Kylie Cosmetics and Kylie Skin will continue to be sold at major beauty stores like Ulta and at KylieCosmetics.com.
And with so much to celebrate, the brand is also set to launch their 2019 Holiday Collection on Tuesday, November 19th.