Kylie Jenner’s Incoming CEO Steps Down Amid Forbes Scandal
Kylie Jenner’s entrepreneur set to become the CEO of Kylie Cosmetics has stepped down just six months after taking on the role.
Coty reports that Christopher Honnefelder made the executive decision to step down from the position before he even started work according to The Mirror.
Multinational beauty company Coty completed a lucrative $600million partnership with Kylie back in January as Christopher was announced as the new CEO.
According to a statement by Coty:
Coty yesterday announced a number of changes that will allow the company to focus on its core Prestige and Mass Beauty businesses, including renewed investment in the e-commerce development of the Prestige Beauty franchise. As part of this effort, we are building a strong foundation to support our strategic partnership with Kylie Jenner. As noted on today’s investor call, Simona Cattaneo, President Luxury Brands, is overseeing the expansion of the Kylie business for Coty. She assumes these responsibilities from Christoph Honnefelder, who announced to the senior team internally a number of weeks ago that he would not be assuming the role of CEO of Kylie Beauty for personal reasons. Under Simona’s leadership, we are excited by the opportunities for the Kylie Beauty business, as indicated by the very successful recent launch of Kylie Skin in Europe.
The statement announces that Simona Cattaneo, President Luxury Brands is set to take on the role instead after Christopher’s shock departure.
Forbes claims that accountant reports suggest Kylie Cosmetics jumped in value from zero to $300 (£244 million) in the space of a year, leading the magazine to grow suspicious.
While in November last year, beauty giant Coty bought a 51 percent stark in Kylie’s business for an astonishing $600 million, which would have valued Kylie Cosmetics at $1.2 billion as reported by The Mirror.
Kylie Jenner, however, tweeted and accused the Site of being inaccurate:
What am I even waking up to, I thought this was a reputable site, all I see are a number of inaccurate statements and unproven assumptions lol. I’ve never asked for any title or tried to lie my way there EVER. period. Quoting from Forbes, she continues: ‘Even creating tax returns that were likely forged’ that’s your proof? so you just THOUGHT they were forged? like actually what am I reading. But okay I am blessed beyond my years, I have a beautiful daughter, and successful business and I’m doing perfectly fine. I can name a list of 100 things more important right now than fixating on how much money I have.