After the recent Forbes controversy involving Kylie Jenner, news has emerged that her company, Kylie Cosmetics, has lost its incoming CEO, Christoph Honnefelder, who had only joined in January. According to FashionNework.com, Honnefelder was appointed as the incoming CEO earlier this year, but has now resigned due to “personal reasons.” Meanwhile, Coty, the beauty conglomerate that owns a 51% stake in Jenner’s makeup company for $600 million, has announced several changes to enable the business to concentrate on its primary prestige and mass beauty divisions.
Kylie Jenner has experienced a recent shake-up with the departure of Christoph Honnefelder, who was set to become the CEO of Kylie Cosmetics. This news follows Forbes’ decision to remove Jenner from their billionaire list and accusing her of inflating her business’s worth. Last month, Coty’s shares dropped 13% after Forbes published an article based on financial filings following Jenner’s sale of a majority share in her cosmetics company. The sale, which gave Coty a 51% stake in Kylie Cosmetics for $600 million, valued the brand at $1.2 billion.
Christoph Honnefelder, who became the CEO of Kylie Jenner’s brand in January, has left the company for personal reasons. However, Forbes reported that the actual size and profitability of the business, which they previously declared as making Kylie a billionaire in March 2019, was significantly smaller than what was initially believed. Additionally, Forbes removed Kylie from their Billionaire List after accusing her of exaggerating the success of her business for many years and creating potentially fraudulent tax returns, along with her famous family.
Kylie Jenner’s beauty brand will now be overseen by Simona Cattaneo, the president of luxury brands for Coty. This comes after reports that Coty’s stock closed down 13% and has dropped 67% this year, despite Kylie denying reports made by Forbes that she inflated her business. Christoph Honnefelder, who was set to become CEO of Kylie Beauty, announced that he would not be assuming the role for personal reasons. The statement from Coty noted that they are building a strong foundation to support their strategic partnership with Kylie Jenner and are excited about the opportunities for the Kylie Beauty business under Simona’s leadership.
Amazingly, Kylie was recognized as the youngest self-made billionaire for the second consecutive year in 2019 (as seen in the 2018 cover).