Kylie Jenner strikes a beauty deal with Coty

TV personality Kylie Jenner at the 61st Annual Grammy Awards

Kylie Jenner is going into business with Coty Inc.

The retail giant is set to acquire a 51% ownership Jenner's beauty portfolio, which comprises the brands Kylie Cosmetics and Kylie Skin.

The $600 million deal will give Coty "overall responsibility for the portfolio's development, leveraging its global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise, as well as its deep understanding of the fragrances, cosmetics and skincare categories," according to a press release. 

"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," said Jenner, who counts a combined 270 million followers across her personal and brand social media channels, 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."

"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 skincare, allowing Kylie's brands to reach their full potential," added Coty CEO Pierre Laubies.

The move will see Jenner and Coty work to transform the business into a "global powerhouse brand," with a focus on global expansion and entry into new beauty categories. It is a major milestone for Jenner, who made her entry into the beauty arena back in 2015 with the launch of what was then ‘Lip Kits by Kylie' and was renamed Kylie Cosmetics the following year. The brand has made an estimated $177M in net revenues over the past 12 months.