American mannequin and businesswoman Kylie Jenner has offered majority shares of her magnificence firm for $600 million.
One of many beauty world’s established names, Coty Inc. has purchased the shares of Kylie’s make-up and skincare companies, the corporate introduced on Monday.
The 22-year-old socialite enjoys an enormous social media fan following of greater than 270 million, which can assist Coty appeal to a youthful viewers because it seems to revitalize gross sales.
Kylie Jenner, the youngest sibling of the wildly fashionable Kardashian-Jenner household, began her make-up line, Kylie Cosmetics in 2015 with lipstick and lip liner kits. The model made her a billionaire as she featured on Forbes youngest self-made billionaire’s 2018 record.
In accordance with Coty, Jenner’s model had an estimated $177m in internet revenues over the past 12 months. Coty will maintain 51 p.c of her enterprise.
The deal is anticipated to shut within the third quarter of 2020.