Beauty Giant Coty Pays $600 Million For Majority Stake In Kylie Jenner’s Cosmetics Brand

Coty Inc. now officially owns more than half of Kylie Jenner‘s cosmetics brand.

It was reported on Monday that the American beauty giant — which is owned by billionaire German family Reimann — agreed to buy Jenner’s company, Kylie Cosmetics, for $600 million. Coty now has a 51% stake in Kylie Cosmetics and gives the brand a $1.2 billion value as a result of the deal. The deal is reportedly set to be finalized in the third quarter of next year.

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Coty is a New York-based company that owns CoverGirl, Clairol and multiple other foreign consumer beauty brands and has amassed approximately $177 million in revenue over the last year. Jenner, a 22-year-old model and reality television star who is the half-sister of Kim Kardashian West, originally started Kylie Cosmetics as a line of lip kits when she was a teenager.

Earlier this year, Forbes named Jenner the “youngest self-made billionaire ever” after estimating her net worth at roughly $1 billion. Jenner also boasts 150 million Instagram followers and another 30 million followers on Twitter, so the young reality TV star is sure to attract a large customer base for her company, especially given Coty’s global brand recognition.

Although Kylie Comestics only sells skincare and make-up products for the time being, Coty is expected to license its nail merchandise and fragrances as well, according to Bloomberg. Coty has also previously produced perfumes and other fragrances for celebrities like Celine Dion, Lady Gaga and Jennifer Lopez and Katy Perry.