Positioned as a high-end colour-cosmetics line and targeting 16- to 30-year-olds, it will comprise more than 90 products.
The range, which will be manufactured and distributed by US company High Maintenance, will be priced between £10 and £22.
The products will be sold initially in department store Selfridges, but the company is looking to secure distribution deals with high-street retailers.
In the past Playboy products such as stationery have been sold by Argos and Debenhams.
Packaging for Playboy Beauty will feature the brand's iconic rabbit head.
Products include Hollywood Nights Eye Shadow, Hef's Favorite Lip Gloss, Calendar Girl Lipstick and First Blush.
The range will be expanded on a trend-led and seasonal basis. Playboy Beauty is already available in the US, where it launched last May.
The company markets a number of products in the UK bearing the bunny logo, including T-shirts and chocolates.
Last year Celebrity Love Island star Lady Isabella Hervey was signed as the face of Playboy UK, representing its TV channels and website.
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