Not a bad day at the office for Kylie Jenner as she confirms the sale of a majority stake in her cosmetics business for a whopping $600 million.
The 22-year-old businesswoman and reality TV star sold 51% of Kylie Cosmetics to make-up and fragrance giant Coty Inc, in a deal which values her company at about $1.2bn.
Jenner, who appears alongside her family in the reality TV show Keeping Up With The Kardashians, was just a teenager when she launched her business in 2015 as a line of lip kits.
The sale comes months after she was named the youngest self-made billionaire ever, when she was estimated to have a net worth of $1 billion.
She narrowly beat Facebook founder Mark Zuckerberg, who was 23 when he made it onto the billionaire’s list.
Coty Inc, which owns brands including Max Factor, Rimmel and Clairol, said the deal will see Jenner “lead all creative efforts in terms of product and communications initiatives”.
The international beauty company pointed at Jenner’s 270+ million social media followers across her personal and business accounts, saying she is “one of the most influential voices among beauty consumers globally”.
Jenner said of the partnership: “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.”