Kyle Jenner unloads $600M stake in beauty company

On Monday, Kylie Jenner announced a partnership with Coty, Inc. - one of the world's biggest beauty brands - whereby Coty will be purchasing a 51-percent stake in Jenner's beauty brands for $600 million, effectively valuing her company at almost $1.2 billion. Kylie Cosmetics joins Coty's list of beauty brands that include Covergirl, OPI, Rimmel, GHD, and Clairol. The deal, which values the young entrepreneur's namesake beauty brand at $1.2 billion, will enable "global expansion and entry into new beauty categories", the companies said in announcing the deal on Monday. The Kylie deal is a "key milestone" in Coty's transformation into a more focused and agile company, the company said in the statement.

'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.

Jenner said in the press release that she looks forward to "building the brand into an global beauty powerhouse". Although Kylie did sell the majority stake in her company, she and her team fervently stated they would continue to maintain creative and communication operations for the foreseeable future.

Coty will also act as a licensee for skincare, fragrances, and nail products for the brand.

Coty shares rose as much as 4.9 per cent to US$12.49 in NY on Monday.

Kylie Jenner is making a major business move.

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First sold only online, her products became permanently available in stores nationwide in late 2018 through beauty retailer Ulta, which has more than 1,100 shops across the U.S.

The biggest beauty companies have been on an acquisition spree in recent years as they hope to court younger shoppers with upstart brands.

Jenner expanded her empire earlier this year with Kylie Skin, a line of moisturizers, under eye creams and facial scrubs.

Coty said Kylie Cosmetics has had an estimated $177 million in net revenues over the past 12 months.

Coty Chief Executive Pierre Laubies said the deal "will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie's brands to reach their full potential".