Kylie Jenner selling 51 percent stake in beauty brands to parent company of Clairol and CoverGirl

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On Monday, Kylie Jenner announced a partnership with Coty, Inc. — one of the world’s biggest beauty brands — whereby Coty will be purchasing a 51-percent stake in Jenner’s beauty brands for $600 million, effectively valuing her company at nearly $1.2 billion.

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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,” said Jenner in a statement shared by Coty. “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, which already owns brands including CoverGirl and Clairol, among others, will take on “overall responsibility for the portfolio’s development,” per a press release. Coty also hopes to utilize its “global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise” in order to further the brand.

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“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,” said Coty CEO Pierre Laubies.

The sale is expected to close within the third quarter of 2020’s fiscal year.

Jenner, however, will still be the face of the brand and is said to be still involved in the development of new products, per the Associated Press.

Jenner’s brand, Kylie Cosmetics, reportedly earned $307 million in sales within a year of launching in 2015, according to Forbes. The outlet also dubbed Jenner a “self-made” billionaire in March, although many  — including the people at Dictonary.com — took issue with labeling Jenner a “self-made” businesswomen due to her family’s preexisting influence.

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The Associated Press contributed to this report.