After months of rumors about a potential sale, controversial "youngest ever self-made billionaire" Kylie Jenner has officially given up her majority ownership of Kylie Cosmetics.
Jenner has sold off 51 percent of the company to the New York cosmetics multinational Coty, which also owns Tiffany & Co, CoverGirl, and Balenciaga, for $600 million. She and her team will remain on board in a creative capacity.
The sale means Kylie Cosmetics will be rebranded as "Kylie Beauty." In a press release, Jenner emphasized that she'll remain in communication with her customers.
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"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Jenner said. "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."
According to Wall Street Journal and Fox Business, with the new takeover, Kylie Beauty is currently valued at a whopping $1.2 billion.
"We are pleased to welcome Kylie into our organization and family," Coty's CEO, Pierre Laubies, said in a statement. "Combining Kylie's creative vision and unparalleled consumer interest with Coty's expertise and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics, and skincare, allowing Kylie's brands to reach their full potential."
Photography: Morelli Brothers for PAPER