Kylie Cosmetics chief executive officer has left the brand, a week after Forbes Magazine released an explosive report about the billionaire status of the company's founder, Kylie Jenner. The brand's CEO Christoph Honnefelder quit his job, just five months after he got appointed to the position.
In November 2019, Coty acquired a majority stake of Jenner's beauty business for $600 million. Less than two months later, Honnefeler was announced as the new CEO of the brand.
In a statement given to FashionNetwork.com by Coty's spokesperson stated that Honnefelder stepped down from his position before he even assumed the role. The company said Honnefelder quit due to personal reasons.
The multinational beauty company also announced that Simona Cattaneo would be taking Honnefelder's post. Part of her new job is to oversee the expansion of the Kylie businesses including Kylie Cosmetics and Kylie Skin for Coty.
Prior to joining Coty, Honnefelder worked as executive vice president for assortment and purchasing for the European beauty retailer Douglas. He also previously worked in senior management roles for the German consumer goods and coffee retailer, Tchibo.
The latest development in Kylie's cosmetic business came just days after the billionaire status of the Keeping Up With The Kardashians star was questioned by Forbes Magazine. The publication released a story over the weekend that claimed Kylie is not a billionaire and her business is significantly smaller and less profitable than the family made the public believe.
Apparently when Kylie sold 51% of her company to Coty, the deal put a $1.2 billion value on her brand. However, Forbes reported that the financial documents and records Coty released showed discrepancies with the numbers that Kylie's team gave to journalists.
Forbes suggested that Kylie and her team could have been inflating the success of their business over the years. It added that the 23-year-old reality star could have likely forged her tax filings based on the information that Kylie Cosmetics provided to its shareholders.
Jenner already addressed the allegation in a series of tweets. Kylie stressed Forbes published inaccurate statements and unproven assumptions. She added that she never asked for the billionaire title.
Kylie's attorney Michael Kump also told People Magazine in a statement that Forbes' accusations were "outright lies." He also demanded the magazine to immediately and publicly retract its allegation that Kylie and her accountants forged tax returns and its other statements.
