In a press release on Monday, the 22-year-old makeup mogul and cosmetics brand Coty announced that "they have entered into a long-term strategic partnership in order to jointly build and further develop Kylie’s existing beauty business into a global powerhouse brand."
As part of the deal, Coty acquired 51 percent of Jenner's brands, Kylie Cosmetics and Kylie Skin, for $600 million. Though she no longer has majority ownership, according to the press release, Kylie and her team "will continue to lead all creative efforts in terms of product and communication initiatives."
"I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Kylie said. "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," she added.
In his statement, Peter Harf, Coty's Chairman of the Board, said, "This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business."
"Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together," he added.
"[Kylie] made her own money for over a decade, she put it in the bank, she saved every nickel," Kris Jenner, Kylie's mom, said. "And then, when she decided on what she wanted to do, she spent her money on a venture that could have gone south or north, and it did really well."
Kylie's sister, Kendall Jenner, agreed, telling ET, "If you’re just sitting at home being lazy, I don’t think that could happen."