Kylie Jenner will sell her 51 percent stake to an international beauty giant
(Photo : Reuters)

The 22-year old American media personality, socialite, businesswoman and model Kylie Jenner is selling her stake for $600 million to the beauty giant Coty Inc. 

In an article published by CNN, Kylie Jenner is reportedly selling her 51-percent share in the Kylie Cosmetics and Kylie Skin to international company Coty Inc. The businesswoman said that she is selling her stake to an international beauty powerhouse. However, she will still have a little control in her company as she will be staying on as its creative leader.

Coty Inc. owns several international beauty products, Cover Girl being one of the largest. In addition, Coty is a New York-based company that has an international trademark. In a press release on Monday, Kylie Cosmetics and Coty said that the partnershp of the company is to help Kylie Jenner's product expand globally and be recognized in global beauty categories. 

Jenner said on Monday that "this partnership will allow [her] and [her] team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse." 

Coty grabbed the opportunity of taking the 51 percent stake of Kylie Jenner because of her massive influence that could potentially give a positve impact to the Coty business. At the present, Kylie Jenner is also a social-media icon with 150 million followers on Instagram and 30 million followers on Twitter. 

In a report released by Forbes magazine in 2018, Kylie Jenner was able to make $360 million in sales because of her influence and thus became one of the youngest self-made billionaires ever. Meanwhile, Coty's chairman of the board described Jenner as the icon of the modern day with an incredible sense of the beauty consumer in America. The deal between Kylie Cosmetics and Coty is expected to close in the third quarter of 2020.

The transaction of Coty to Kylie's Cosmetics is a milestone for the beauty giant. There will be a turnaround in June to streamline all the products of Coty and Kylie Cosmetics worth 600 million dollars. Coty also announced that it will spend three billion dollars for the products under Proctor and Gamble that they acquired in 2015, which includes Cover Girl and Clairol.

Pierre Laubies, the Chief Executive Officer of Coty, said during the press conference that the deal 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." 

As you may remember, Kylie Jenner became known when she reduced Snapchat's stock markt worth 1.3 billion dollars after she tweeted that she does not use the app anymore. Jenner building her beauty empire in 2015 with just a line of lipstick after that, it was the birth of Kylie's Cosmetics and Kylie Skin.

Kylie is the highest earner in the Kardashian family and also the youngest billionaire in the world. However, despite the achievements as businesswoman and a socialite, she still receives backlash for her self-made billionaire trademark. She did however, state in a separate interview, that she did not use any of her inheritance towards her billions.