Kylie Jenner is $600 million Richer after selling majority stake in beauty empire

Kylie Jenner has become a bona fide billionaire at the tender age of 22 after selling the majority stake in her cosmetics brand for $600 million.

Beauty product giant Coty Inc. announced  that it will pay $600 million for a 51% stake in Kylie Cosmetics. It plans to launch more products under the Kylie brand and sell them in more countries around the world. The deal is expected to be completed early next year.

The 22-year-old reality-star-turned-beauty-mogul will still solely own the other 49 percent stake. The sale gives Jenner’s company a new valuation of $1.2 billion.

Jenner, part of the Keeping Up with the Kardashians  reality show family, founded her company in 2015, tapping into her hundreds of millions of social media followers to promote her popular lip liners and liquid lipsticks.

The 22-year-old, who is the youngest sister of Kim Kardashian West, will still be the face of the brand and be involved in creating new products.

“Kylie is a modern-day icon,” said Peter Harf, Coty’s chairman of the board.

Coty hopes that the celebrity-backed business can help boost its sales and connect with younger shoppers under 35, a group that traditional makeup brands have struggled to reach. Coty’s other brands, including Max Factor makeup and Sally Hansen nail polish, have been around for decades.