Kylie Jenner has sold a $600 million (£463 million) stake in her beauty business to Coty.
The reality TV star started her brand with a range of lip kits in 2015 and went on to launch Kylie Cosmetics the following year, with the company selling eyeshadows, concealers, lipsticks, and eyebrow pencils, as well as a line of skincare formulas.
Now, Kylie has sold a 51 per cent stake in her company to Coty, the American multinational beauty giant which also owns brands such as Clairol, Max Factor, OPI, Rimmel, and Wella.
"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," the 22-year-old said in a statement on Monday. "I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media. This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse."
Coty bosses reported that Kylie Cosmetics realised an estimated $177 million (£137 million) of net revenues for the trailing twelve months.
Kylie and her team will continue to lead all creative efforts in terms of product and communications initiatives, especially with regards to social media.
"We are pleased to welcome Kylie into our organisation and family," added Pierre Laubies, Coty chief executive officer. "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."
In March, editors at Forbes estimated Kylie Cosmetics to be valued at $900 million (£694 million) and Kylie's net worth to be $1 billion (£771 million) - making her the world's youngest billionaire.
© Cover Media