The world's youngest self-made billionaire is about to be $600 million richer. The downside is that Kylie Jenner will be without the majority share in her own beauty company. Jenner is expected to sell a 51% stake in Kylie Cosmetics, founded in 2015, to American beauty company Coty, which owns brands CoverGirl, Rimmel, MaxFactor, and OPI, reports the AP. "I'm excited to partner with Coty to continue to reach even more fans … around the world," says the 22-year-old, who will remain the face of the company while Coty works to build Kylie Cosmetics "into an international beauty powerhouse," per BuzzFeed.
Coty plans to add fragrances and nail polish to the existing make-up and skincare lines and make the products available to more consumers. But the deal, valuing the company at $1.2 billion, is a bit of a gamble since celebrities easily fall out of fashion. "Already we may be past peak Kardashian, with the family's TV show now into its 17th series," writes Andrea Felsted at Bloomberg. Coty maintains Jenner is "not a fad," however, noting her company's revenue grew 40% in the last year. Indeed, Coty's chairman Peter Harf refers to Jenner, who has 270 million social media followers, as "a modern-day icon." (Read more Kylie Jenner stories.)