Coty Acquires $600M Majority Stake In Kylie Jenner's Cosmetics Company

Coty COTY is paying $600 million for a controlling stake in Kylie Jenner’s cosmetics startup Kylie Cosmetics.

Coty said it plans to buy 51% of Kylie Cosmetics, which is valued at $1.2 billion, and the acquisition is expected to close in the third-quarter of fiscal 2020.

Both of Jenner's brands, Kylie Cosmetics and Kylie Skin, are two of the fastest-growing beauty brands on social media. Jenner’s beauty brand was formerly known as Kylie Lip Kits, the company was renamed Kylie Cosmetics in 2016 after the release of the liquid lipstick.

See Also: Kylie Jenner Named Youngest 'Self-Made' Billionaire — How Does She Rank?

Jenner is an American media personality and socialite, who found fame after starring in the reality television series "Keeping Up With The Kardashians" since 2007.

"We are pleased to welcome Kylie into our organization and family,” said Pierre Laubies, Coty CEO in a statement. "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 shares were trading slightly up 1.6% at $12.10 at time of publication. The stock has a 52-week high of $14.14 and a 52-week low of $5.91.