Things are about to get bigger and better for Kylie Cosmetics and Kylie Skin in 2020. Kylie Jenner and Coty Inc. just announced that they entered a long-term strategic partnership today for a cool $600 million dollars. Coty will own a 51 percent majority stake of Jenner’s beauty empire, which is now valued at $1.2 billion—surpassing the estimates that Forbes gave her last year.
“This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business. 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,” a release about the partnership states.
Jenner commented: “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.”
What does this mean for fans of Kylie’s products? It means Kylie Cosmetics and Kylie Skin are about to expand, especially as it relates to perfume and fragrances: “Coty will have 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. In addition to its responsibilities within the partnership, Coty will act as a licensee for skincare, fragrances, and nail products,” read the statement.
In addition to new fragrances and perfumes as well as international expansion, this new partnership could also mean Jenner’s rumored Kylie Hair brand is coming soon. Coty is the parent company for OPI, Covergirl, Sally Hansen, Clairol, Wella, GHD, and Rimmel London, as well as the fragrance partner for brands like Calvin Klein, Chloe, Bottega Veneta, Balenciaga, Burberry, Gucci, and Marc Jacobs.
This article originally appeared on Harper’s Bazaar US.