Kylie Jenner and Coty have announced that they have entered into a long-term strategic partnership, in which 22-year-old Jenner has sold 51 percent of her Kylie Cosmetics and Kylie Skin businesses to Coty for $600 million.

Coty expects the transaction to grow its core fragrance, cosmetics and skin care portfolio by more than 1 percent each year over the next three years. Kylie Cosmetics realized an estimated $177 million in net revenues for the trailing 12 months.

“We are pleased to welcome Kylie into our organization and family,” says Pierre Laubies, chief executive officer, Coty. “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.”

Coty will have overall responsibility for the portfolio’s development, leveraging its global knowledge and capabilities in research and development, manufacturing, distribution, commercial and go-to-market expertise, as well as its understanding of the fragrances, cosmetics and skincare categories. In addition to its responsibilities within the partnership, Coty will act as a licensee for skincare, fragrances and nail products.

 “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world,” says Jenner. “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.”

The acquisition is expected to close in the Q3 2020. All beauty categories within the new partnership will continue to be sold through the Kylie Cosmetics and Kylie Skin websites as well as through Ulta Beauty.