Kylie Jenner has become a bona fide billionaire at the tender age of 22 after selling the majority stake in her cosmetics brand for $600 million.
The transaction is expected to close in the third quarter of 2020. Jenner will keep a 49% stake in Kylie Cosmetics and remain the creative lead on both product development and marketing initiatives, particularly on social media, where she has 270 million followers across platforms.
Coty, the parent company of Covergirl and Sally Hansen, is looking to appeal to a younger demographic with the purchase, Coty’s CFO Pierre-André Terisse said on a call with analysts Monday morning. Kylie Cosmetics is the second-most-followed brand on Instagram, which means Coty will be joining the ranks of social-media-friendly beauty lines like Anastasia Beverly Hills and Glossier that have become popular—and reached sky-high valuations—over the past few years.