The world’s youngest self-made billionaire and reality tv star, Kylie Jenner, is set to sell the majority of her cosmetics company at an estimated price of $600m.
The 22-year-old’s Kylie Cosmetics will be controlled by beauty giant Coty as she is building her brand into an “international beauty powerhouse.”
Forbes reported that Jenner made $360 million in sales last year, meaning she is the youngest self-made billionaire ever. Her online influence is so powerful that when she tweeted that she won’t be using the Snapchat app anymore, the company’s stock market value decreased by $1.3bn.
Jenner’s cosmetic brand was developed in 2015 and introduced a range of lipsticks. Since then, Kylie Cosmetics has evolved into face make-up and skincare. Coty, which owns brands including Burberry and Hugo Boss, will have a 51 percent stake in the company, with the deal completed in 2020.
The chairman of Coty’s board described Jenner as a “modern-day icon, with an incredible sense of the beauty consumer.”