NEW YORK • She is already sitting pretty as the world's youngest self-made billionaire.
Now, Kylie Jenner is US$600 million (S$817 million) richer after beauty-product giant Coty announced on Monday a deal to take a majority stake in her cosmetics and skincare company whose brands include Kylie Cosmetics and Kylie Skin.
Coty, whose brands include Hugo Boss and Burberry fragrances, will pay US$600 million for a 51 per cent stake.
Jenner, 22, has more than 270 million social media followers and rates as "one of the most influential voices among beauty consumers globally," said a statement from both companies.
She launched the brand in 2015 with Kylie Lip Kit and has since added eyeliners, blushes and other items.
"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Jenner said.
"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 described the deal as part of its effort to become a "more focused and agile company", adding that its global capacities in research and development, manufacturing and distribution, as well as expertise in cosmetics, would enable Jenner's products to thrive as a "high growth, digitally native beauty brand".
Coty has struggled to turn its business around after several difficult years. In July, it said it would take a US$3 billion writedown as its underperforming mass-market labels languished against hot new brands.
Rivals, including L'Oreal, Estee Lauder and Shiseido, have spent billions of dollars in recent years to attract younger consumers.
AGENCE FRANCE-PRESSE, BLOOMBERG