AceShowbiz - Kylie Jenner has banked $600 million (£463 million) after selling a majority stake in her makeup firm to bosses at industry giant Coty.
The "Keeping Up with the Kardashians" star, 22, debuted Kylie Cosmetics in 2015 in partnership with officials at beauty retailer Ulta, and quickly turned it into a money-spinning business, earning her the Forbes magazine title of the youngest self-made billionaire earlier this year (2019).
Now Kylie has decided to hand over the reins of her brand to Coty chiefs by agreeing to sign over 51 per cent of her company, which was valued at $1.2 billion, in exchange for the bumper pay cheque.
She will remain involved in all of the creative efforts for Kylie Cosmetics and its offshoot, Kylie Skin, and the mother-of-one is thrilled to be taking her firm to new heights.
"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," she shares 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 adds, "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 executives are also the people behind brands like Covergirl, OPI, Rimmel, and Clairol.