Kylie Jenner Sells Majority Ownership of Cosmetics Co. for $600 Million

Kylie Jenner is no control freak when it comes to her cosmetics empire -- not anymore, anyway ... since she just sold off the majority of the $1.2 billion company that made her a mogul.

The world's youngest billionaire unloaded 51 percent of Kylie Cosmetics to Coty -- the conglomerate behind Clairol, CoverGirl and Max Factor to name a few. Kylie reportedly got $600 mil for the sale, which gives Coty the reins, financially ... but the youngest Jenner isn't out of the biz altogether.

In a joint statement, Coty said Kylie would continue leading all creative efforts and "communications initiatives." Translation: They're gonna milk her massive social media empire of 270 million followers for all it's worth.

Sounds like Coty just plans to take what Kylie started and expand it into a global brand. Kylie says she's "excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world."

She added, "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."

In other words ... cha-ching, cha-ching, cha-ching!!!