(CBS News)–Reality TV star Kylie Jenner is selling a stake of her beauty brand to Coty, the owner of CoverGirl makeup.
Coty Inc. will pay $600 million for a 51% stake in Kylie Cosmetics, valuing it at about $1.2 billion. Coty says it plans to launch more products under the Kylie brand and sell them in more countries around the world.
Jenner, part of the “Keeping Up with the Kardashians” reality show family, founded her company four years ago, relying on her hundreds of millions of social media followers to promote the brand, which includes her popular lip liner. Last year she struck a deal to sell her goods in 1,100 Ulta Beauty stores.
Coty says Jenner will still be the face of the brand and be involved in creating new products.