Kylie Jenner has owned 100 percent of her Kylie cosmetics business since its launch in 2015, however, she has officially sold a majority stake of the company to beauty conglomerate Coty for 463 million pounds ($600 million).

The makeup mogul sold a 51 percent stake in Kylie Cosmetics to Coty, which also owns other beauty brands including Covergirl, OPI, Rimmel, GHD and Clairol. However, Kylie Jenner and her team will continue to lead all creative efforts of product development and communication initiatives.

The deal values the business at nearly $1.2 billion (925 million pounds) and confirms Jenner as a billionaire, reports Forbes. The 22-year-old said she is excited to partner with Coty to reach even more fans of Kylie Cosmetics and Kylie Skin around the world.

Jenner stated in a release, "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."

"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," the reality TV star added.

Coty's Chief Creative Officer, Pierre Laubiues, welcomed Jenner into the conglomerate and said: "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."

Kylie Jenner
Kylie Jenner attends Harper's Bazaar's celebration of 'ICONS By Carine Roitfeld' Getty

The makeup line helped "The Keeping Up With The Kardashians" star be named the "world's youngest self-made billionaire" by Forbes in March 2019. Earlier in 2018, when Forbes featured Jenner as its cover girl after ranking her the most successful female businesswoman in 2018, it reported Kylie Cosmetics has sold more than $630 million (486 million pounds) worth of makeup since its initial launch.

Jenner did not seem interested to sell the company when Forbes interviewed her for a cover story in 2018. She said: "Maybe one day (I'll) pass this on to Stormi (daughter Stormi Webster) if she's into it."