Kylie Beauty CEO exits after 6 months
Coty has announced that Kylie Cosmetics Chief Executive Officer Christoph Honnefelder has left the brand, after only being appointed to the leadership role in January 2020.
Honnefelder joined Kylie Beauty after the company sold a 51% stake in the business to Coty for $600 million.
A spokeswoman for Coty confirmed that Honnefelder is no longer with the company,
In a statement Coty said: “Simona Cattaneo, President of 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.”
On a call with Wall Street analysts on Monday, new Coty CEO Peter Harf said Kylie Skin did $2 million in sales in three days with its recent launch in Europe.
Following allegations posed by Forbes regarding the legitimacy of Kylie Cosmetics’ business value, Coty Inc. is under investigation by three separate law firms.
The firms, Federman & Sherwood, The Schall Law Firm and Rosen Law Firm, are reportedly investigating Coty to uncover possible violations of federal securities laws on behalf of the company’s shareholders.
Honnefelder’s departure reportedly pre-dates the allegations of Jenner falsifying her namesake business’ size and earnings.