Kylie Jenner has sold a 51% stake in her cosmetics company, Kylie Cosmetics.
The 22-year-old reality TV star pocketed a neat $600 million in the deal, which is £460 million.
She sold it to Coty, a beauty product giant which also 77 beauty brands including Calvin Klein, Burberry Beauty, Gucci and Max Factor.
The two companies announced the deal in a press release, which said that Coty will now have overall responsibility for the brand, while Kylie will continue to oversee creative efforts and her communications, presumably because she has 150 million followers on Instagram .
The deal is expected to close towards the end of 2020.
Coty called the deal a "key milestone" for the company.
CEO Pierre Laubies said in the release that the deal is "an exciting next step in our transformation and will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie's brands to reach their full potential."
Since the deal was announced, shares in Coty increased by 5%.
Kylie launched Kylie Cosmetics in 2015, starting with her lip kits and branching out more recently into skincare.
The $1.2 billion brand has been incredibly successful, making Kylie the world's youngest self-made billionaire when she was 21.
She employs just seven full-time staff, and five part-timers.
Of course, momager Kris Jenner looks after all the finances, for her usual 10% cut, or management fee as it is put, and then the rest is down to Kylie's huge social media presence and influence.
Kylie said: "I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world.
"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."
