Kylie Jenner sells 51 per cent of her beauty company for $600m

The world’s youngest self-made billionaire Kylie Jenner is selling 51 per cent of Kylie Cosmetics to US makeup group and fragrance giant Coty for $600m. The youngest of the five Kardashian-Jenner sisters, Jenner will still be the face of the brand and involved in creating new products.

Kylie Jenner started the company in 2015 as new line of lip kits paired a liquid lipstick with pencil lip liner now sells everything from eyebrow gel to skin care like face scrubs and sunscreen oil. First sold only online and promoted in Instagram, her products became permanently available in stores nationwide in late 2018 through beauty retailer Ulta, which has over 1100 shop across the US.

Coty Inc an American multinational beauty company founded in 1904 by Francois Coty with a revenue of $9.4billion in 2018. The biggest beauty companies have been on acquisition spree in recent years as they hope to court younger shoppers with upstart brands. Estee Lauder Cos bought its remaining  two-thirds stake in Korean skin-care company Have & Be Co. for around $1.1bn on Monday and Japan’s Shiseido spent $845m to buy clean beauty brand Drunk Elephant in October.

Coty shares rose to $12.49 in New York on Monday as much as 4.9 per cent.