Christoph Honnefelder, the man who was announced as the CEO of Kylie Cosmetics and Kylie Skin in January, has stepped down from the role. According to reporting in People, Honnefelder was named as the CEO after Kylie Jenner completed the sale of her companies to Coty. At the time, Honnefelder was announced as the man who would be taking over her brands, but no timetable was given for when this would happen.
Today, the company announced that Honnefelder was stepping down. In a statement given to People, Coty also said that they would be reorganizing.
“Coty 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,” the statement read.
On an investor call this morning, Coty announced that Simona Cattaneo, who is the president of the company’s luxury brands, would be taking the job instead. In their statement, Coty said that Honnefelder had informed them several weeks ago that he would not be assuming the role and that they were excited about the opportunities for expansion that Cattaneo would be overseeing.
The news of the shakeup comes just a week after Forbes published a bombshell report suggesting that Jenner had been inflating the success of her beauty business for years. In the report, Forbes revoked Jenner’s billionaire status and claimed that she had forged tax documents to enhance the growth of Kylie Cosmetics.
After the report was published, Jenner denied the claims on Twitter, saying that she thought Forbes was reputable, but all they had reported were false claims and unproven assumptions. She concluded by saying that she was going to focus on the positive parts of her life instead of fixating on how much money she has.
Jenner’s attorney Michael Kump also rebuffed the story’s claims, saying that it was filled with “outright lies.”
“Forbes‘ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements,” Kump said, adding that he thought it was sad that they had dedicated three reporters to this investigation.
Forbes has responded to Kump’s claims via Matt Hutchison, their chief communications officer. In a statement, he said that the report was based on new filings that revealed previously unnoticed. He also encouraged Kump to read the report again.