Kylie Cosmetics is getting a makeover.
CEO Christoph Honnefelder — who was announced in January as assuming the role of CEO at both that branch and Kylie Skin “in the near future” — has parted ways with the beauty company, parent company Coty announced Tuesday.
The company, which was founded by “Keeping Up with the Kardashians” star Kylie Jenner, will replace Honnefelder with Simona Cattaneo, who up until Monday was Coty’s President of Luxury Brands.
“Coty today 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,” the company said in a statement. “As part of this effort, we are building a strong foundation to support our strategic partnership with Kylie Jenner.”
The statement added that Cattaneo will now oversee the expansion of the Kylie business for Coty, and that Honnefelder “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.”
The announcement came on the heels of an explosive Forbes article last week in which the financial publication alleged that 22-year-old Jenner — who the magazine previously dubbed a “self-made billionaire” — “likely forged” tax returns.
“Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe,” the magazine wrote.
Jenner slammed
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the article’s alleged “number of inaccurate statements and unproven assumptions,” but said claims seemed to be enough to warrant legal interference.On Monday, law firm Federman & Sherwood opened an investigation into Coty — which also owns Rimmel and CoverGirl — for possible violations of federal securities laws, Business Wire reported.