00:00Kylie Jenner is cashing in and going global with Kylie Cosmetics.
00:05In a deal that was announced on Monday, the youngest of the Kardashian clan and the
00:09youngest self-made billionaire sold a majority stake of her beauty empire to
00:13cosmetic, hair care, skin care and fragrance brand, Kodi. Kylie sold 51% of the
00:18company for $600 million, which values Kylie Cosmetics at about $1.2 billion.
00:25The sale was deemed a long-term strategic partnership in an effort to turn Kylie's
00:29business into a global powerhouse brand. Kodi will be working toward global expansion
00:33and developing products in more beauty categories, which Kylie has already started
00:38expanding herself with her skincare line, Kylie Skin. But rest assured, Kylie is still
00:42set to lead all creative efforts with products and of course marketing to her
00:47150 million Instagram followers. The beauty mogul herself released a statement saying,
00:52"...I look forward to continuing the creativity and ingenuity for each collection
00:56that consumers have come to expect and engaging with my fans across social media.
01:00This partnership will allow me and my team to stay focused on the creation and development
01:04of each product while building the brand into an international beauty powerhouse."
01:09Kylie kicked off her cosmetics business by launching her line of lip kits back in November of 2015.
01:15By July 2018, Forbes named her the youngest self-made billionaire after amassing
01:19$900 million by the age of 20. For more on this story, head to THR.com and until next time
01:25for The Hollywood Reporter News, I'm Neha Joy.
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