Kylie Jenner just became $600 million richer.
Jenner will sell the majority stake of her Kylie Cosmetics company to Coty Inc.
Coty is behind established beauty brands like CoverGirl, MaxFactor, and Clairol.
It values Jenner’s brand at $1.2 billion and is willing to pay $600 million for 51 percent of Kylie Cosmetics.
Kylie will however remain the public face of the brand.
She and her team will also continue to shape the product creations while Coty will be in charge of marketing the company on a global scale.
Coty is looking to revive the company through Jenner’s profitable brand.
According to the Wall Street Journal, Coty has lost half its value since 2016.
But, Kylie Cosmetics is on track to make $200 million this year and is the epitome of brands capitalizing on their celebrity founders.
