Reality star Kylie Jenner has sold 51% of her stake in Kylie Cosmetics.
“I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” Jenner said in her 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.” (RELATED: Kylie Jenner Named Youngest Self-Made Billionaire)
“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,” she added.
Jenner will still stay the public face of the brand, despite not being the majority owner of the company. The name will also be changed from Kylie Cosmetics to Kylie Beauty, per reports.
Coty, Inc. owns other beauty and fashion brands including CoverGirl, Tiffany & Co. and Balenciaga.
“This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business,” Peter Harf, Chairman of the Board, said. “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.”