Kylie Jenner Sells Majority Share of Her Cosmetics Company for $600M
Kylie Jenner has sold 51 percent of her $1.2 billion company Kylie Cosmetics to Coty, for approximately $600 million, TMZ is reporting. Coty is the conglomerate that owns makeup companies including Clairol, CoverGirl and Max Factor, among others. In a joint statement, Coty says Jenner will continue to lead creative efforts and handle the company's "communications initiatives," which likely means they want the viral influencer to continue to market to her 270 million followers on social media. Jenner says "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."