SMELL OF SUCCESS

Kylie Jenner Sells $600 Million Controlling Stake in Beauty Empire

Fragrance and cosmetics giant Coty said it plans to buy 51% of Kylie Cosmetics, which is valued at $1.2 billion.

Kylie Jenner is selling a majority stake in her beauty empire to Coty for $600 million, the cosmetic and fragrance company announced Monday. The company said it plans to bay 51 percent of Kylie Cosmetics, which is valued at $1.2 billion. Jenner, the 22-year-old founder of the makeup company established in 2015, and her team will continue to lead creative efforts related to the products and communications, Coty said. “We are pleased to welcome Kylie into our organization and family,” said Coty CEO Pierre Laubies. “Combining Kylie’s creative vision and unparalleled consumer interest with Coty’s expertise 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.” Coty is best known for its CoverGirl, Clairol, and OPI nail polish products.