Beauty powerhouse Coty has joined forces with online peer to peer social selling platform Younique, in a partnership that will see Coty acquire a 60 percent stake in the company for $600million, with the founders of Younique retaining the remaining 40 percent.

Led by Younique’s Founder and CEO Derek Maxfield and Chief Visionary Officer Melanie Huscroft, the new partnership will combine the company e-commerce platform and direct-to-consumer business model with Coty’s beauty product R&D and industry and innovative expertise.

Camillo Pane, Coty’s Chief Executive Officer, said, “Derek and Melanie are tremendous entrpreneurs who have built one of the most engaging and fastest-growing e-commerce companies in beauty. Alongside the rest of Younique’s team and in partnership with their presenters, they have been able to impact the lives of millions of consumers across a number of countries with a mission to uplift and empower women. We look forward to working with them to continue supporting this mission and building Younique into a leading e-commerce beauty business.”

Coty will fund the acquisition through cash on hand and available debt facilities, which is said to have a marginal effect on Coty’s leverage ratio. The deal is expected to close during Coty’s 2017 fiscal quarter.

Younique will operate as a separate business under Coty’s consumer beauty division.