DUBAI (Reuters) - Dubai-based Huda Beauty will sell its popular fragrance brand KAYALI to its co-founder and General Atlantic in a move that allows the beauty company's owners to buy back a stake held by TSG Consumer Partners since 2017, according to a joint statement by the three companies on Monday.

Founded by blogger Huda Kattan and sisters Mona and Alya in 2018, Huda Beauty sells everything from luxury eyelashes to makeup and skincare products. The company has more than 54.2 million followers on Instagram, well ahead of rivals Rare Beauty and Kylie Cosmetics which have 8 million and 24.7 million followers respectively.

"Huda Beauty is making history as one of the few established beauty brands to return to full founder ownership," the statement said.

KAYALI founder Mona Kattan will own the fast-growing fragrance business with private equity investor General Atlantic, the statement said. KAYALI will operate as an independent company and Mona will remain as CEO, it added.

A value for the deal, which is subject to regulatory approval, was not disclosed.

Goldman Sachs International acted as Huda Beauty's financial advisor, and Gibson Dunn served as its legal advisor. Skadden, Arps, Slate, Meagher & Flom served as Mona Kattan's legal advisor.

Raymond James served as General Atlantic's financial advisor, and Latham & Watkins served as its legal advisor.