Kylie Jenner sells a $600 million stake in her cosmetics company

Kylie Jenner is selling a majority stake of her popular cosmetics line for $600 million, but she's staying on as its creative leader.

The celebrity businesswoman will sell 51% of her stake in Kylie Cosmetics to Coty Inc. , a New York-based cosmetics company that also owns a number of international consumer beauty brands, including CoverGirl. The partnership will help Kylie's brand expand globally and enter new beauty categories, the two companies said in a press release Monday.

The cosmetics brand has generated roughly $177 million in revenue over the past year, according to Coty. The deal is expected to close in the third quarter of 2020. Read MoreCoty said the transaction is a"key milestone" for the company. It announced a $600 million turnaround plan in June that includes layoffs and streamlining its products and brands.

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