Kylie Jenner has sold a majority stake in Kylie Cosmetics to beauty conglomerate Coty Inc.

Coty, owned by the European investment firm JAB Ltd., acquired a 51% controlling stake in the company for $600 million, valuing the brand at $1.2 billion. The Wall Street Journal reports that Jenner will remain the “public face” of the brand, with the company set to be renamed Kylie Beauty.

Jenner founded the brand in 2015, and it quickly became successful. In 2017, two years after its launch, Forbes reported that the brand already had a valuation of $800 million, with Jenner, at the time, on track to become the youngest self-made billionaire in history. She achieved this feat just two years later, in June 2019, according to Forbes.

Coty said in a statement that Jenner’s brand is set to bring in roughly $200 million in sales this year.

Known primarily known for their brands CoverGirl, Clairol hair dye, and OPI nail polish, Coty has struggled with weak sales in recent years, WSJ reports. The Wall Street Journal's Sharon Terlep reported in early November that the beauty conglomerate was restructuring and had experienced high executive turnover, with Coty on its third CEO in as many years. With this deal, Coty will refocus on revitalizing its flagging beauty division.

"This new partnership between Kylie and Coty is an exciting step in Coty's renewed emphasis on its beauty business," Peter Harf, Coty's Chairman of the Board, said in a press release about the deal, which is expected to close in the third quarter of fiscal year 2020. "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."

Coty's shares jumped 6% upon the initial announcement of the acquisition; the company's stock is currently trading up a little over 2%.

A representative for Kylie Cosmetics declined to comment further when reached by Business Insider. Representatives for Coty didn't immediately respond to a request for comment from Business Insider.