Nov. 18 (UPI) -- Kylie Jenner has sold a $600 million majority stake in her cosmetics company.
Coty confirmed in a press release Monday that it acquired 51 percent ownership in Jenner's beauty business, Kylie Cosmetics.
Coty said the partnership will build and further develop Kylie Cosmetics into "a global powerhouse brand." Coty will develop the Kylie Cosmetics portfolio and act as licensee for skincare, fragrances and nail products.
"We are pleased to welcome Kylie into our organization and family," Coty CEO Pierre Laubies said. Combining Kylie's creative vision and unparalleled consumer interest with Coty's experience and leadership in prestige beauty products is an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie's brands to reach their full potential."
In addition, the partnership will further Coty's transformation into "a more focused and agile company." Coty owns more than 77 brands, including Clairol, Escada, OPI Products, Sally Hansen and Rimmel.
"This new partnership between Kylie and Coty is an exciting step in Coty's renewed emphasis on its beauty business. 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," board chairman Peter Harf said.
Jenner and her team will continue to lead all creative efforts at Kylie Cosmetics, including product and communications initiatives.
"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," Jenner said. "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."
Jenner, 22, initially made her foray into makeup with her Kylie Lip Kits in 2015 and launched Kylie Cosmetics the next year. Kylie Cosmetics released a collection with Balmain in during Paris Fashion Week in September.
Jenner is the younger daughter of Kris Jenner and Caitlyn Jenner, and stars with her family on the E! series Keeping Up with the Kardashians. She is sister to model Kendall Jenner and half-sister to Kourtney Kardashian, Kim Kardashian, Khloe Kardashian and Rob Kardashian.