Coty Inc. is officially buying into Kylie Jenner's beauty business.
First reported by WWD in June, Coty is buying a 51 percent stake in Kylie Cosmetics — including both the makeup and skin-care lines — for $600 million. Kylie Cosmetics has done about $177 million in net sales over the past 12 months.
The plan is to develop the beauty business into a "global powerhouse brand," Coty said in a statement. The company will work with Jenner to set the strategic direction of the brand, focusing on global expansion and entry into new beauty categories. Jenner will continue to oversee product and communication initiatives.
Jenner's massive social media presence is one of the reasons the brand's launch was so successful. She has 151 million Instagram followers, and talks directly to them about her beauty projects. In 2018, Kylie Cosmetics launched at Ulta Beauty; Ulta has since expanded it both in terms of doors and product assortment.
Coty said it plans to leverage its research and development capabilities, plus manufacturing, distribution and go-to-market expertise in order to grow the brand. Coty will also act as the licensee for skin care, fragrance and nail products.
"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 skin care, allowing Kylie's brand to reach their full potential," Coty chief executive officer Pierre Laubies said in a statement.
"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 in a statement. "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."
"This new partnership between Kylie and Coty is an exciting step in Coty's renewed emphasis on its beauty business," Coty chairman Peter Harf said in a statement. "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."
For more from WWD.com, see: 
Coty Said in Talks for Kylie Cosmetics Investment 
Coty Talks to Buy Kylie Stake Continue
Estée Lauder Buys Full Control of Dr. Jart Parent Co.
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