Kylie Jenner, who officially became the world's youngest billionaire earlier this year, just cashed in big on shares of her megabucks makeup company.
American beauty behemoth Coty—which owns other big brands like CoverGirl, Clairol hair dye, and OPI nail polish—has acquired a 51 percent stake in Kylie Cosmetics for $600 million at a $1.2 billion valuation, The Wall Street Journal reports.
“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, who will remain the "public face" of the brand.
"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."
Business Insider notes Kylie Cosmetics' meteoric rise in the makeup market segment. Two years after its founding in 2015, Forbes reported that the brand had an $800 million valuation, with Jenner already tracking time to become a billionaire. In March of 2019, she hit the milestone and was subsequently named the world's youngest self-made billionaire.
Coty's acquisition could help boost sales, which have been weak in recent years, according to WSJ.
"This new partnership between Kylie and Coty is an exciting step in Coty's renewed emphasis on its beauty business," Peter Harf, Coty's Chairman of the Board, said of the deal, which is expected to close in the third quarter of fiscal year 2020. "Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together."
Sounds like Jenner is gonna have plenty of extra dough to buy another Bugatti.