After the launch of Kylie Cosmetics in 2015, Kylie Jenner has now sold majority of her company.
According to Peoples, Jenner sold a 51 percent stake for $600 million. She sold it to Coty, who is now 51 percent owner of Kylie Cosmetics, and is also the owner of other beauty brands such as Covergirl, OPI, Rimmel, GHD and Clairol.
Although Jenner sold more than half her stake according to Peoples, she and her team will continue to lead all creative efforts of product development and communication initiatives.
Jenner said in a press release “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world. 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. 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”
According to Buzz Feed they will also be changing the name from Kylie cosmetics to Kylie Beauty.