Kylie Jenner has just sold a majority share of her beauty brand Kylie Cosmetics, earning herself a paycheck of $600 million. The news was announced on Tuesday, revealing that Kylie had sold 51% of Kylie Cosmetics to beauty conglomerate Coty, Inc., whose other brands include Balenciaga, Gucci, and Adidas.
Following the deal, Kris Jenner posted a statement that said: "Yesterday was a really big day for Kylie and our team at Kylie Cosmetics, and truly a moment for our family to be proud," Kris said on the Squawk podcast. "It’s kind of a crystallization of all of our work but also a moment to just look forward and be really excited about the future."
Kylie's plans with Coty Inc. include globalizing the brand and expanding into different lifestyle categories. Kylie also hopes to pass the brand onto her daughter Stormi when she's an adult.
That means: a toddler is now richer than most of the American public. Great!