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Coty completes majority stake purchase in Kylie Jenner's beauty business

Coty Inc. said Jan. 6 that it has completed its acquisition of a majority stake in the beauty company of media personality Kylie Jenner.

The New York-based personal-care products company bought the stake for approximately $600 million. The parties are now in a long-term partnership to jointly build and further develop Kylie Jenner's beauty business into a strong global brand.

As part of the agreement, Jenner and her team will remain in charge of all creative efforts and communication initiatives while Coty will be responsible for the portfolio's development.

Coty named Christoph Honnefelder as CEO of Kylie Cosmetics and Kylie Skin. Honnefelder most recently served as executive vice president for assortment and purchasing and a member of the executive committee at Douglas, a European specialty beauty retailer.