Kylie released a statement announcing that the partnership will allow her to remain "focused on the creation and development" of each product.
"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."
The statement continues: "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."
Ok...so what does this all mean?
Basically Kylie will still be very involved in the company as she still owns 49% of Kylie Cosmetics.
This deal also confirms what most of us already knew and that's that Stormi's mumma is a billionaire. The deal ultimately valued Kylie Jenner's business at $1.2 billion.
Also, Kylie Cosmetic's will now be called 'Kylie Beauty'.
If you were like all of us and getting a little worried that this sale may mean an overhaul in Kylie's signature products, don't worry, Miss Jenner insists that she'll still head all creative decisions.
"We are pleased to welcome Kylie into our organization and family," Coty’s CEO, Pierre Laubies, said in a statement.
"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."
