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Trouble in the horizon for Kylie Jenner’s business as incoming CEO quits

Kylie Cosmetics’ incoming CEO Christoph Honnefelder has quit.

Honnefelder only joined Kylie Jenner’s company in January but quietly left the business in April for “personal reasons” and has been replaced by Simona Cattaneo, Coty Inc has announced.

Andra Mielnicki, vice president, global influencer marketing, luxury at Coty told FashionNetwork.com: “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. 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.”

In November 2019, Kylie sold a 51 percent majority stake in her Kylie Cosmetics and Kylie Skin brands to beauty giant Coty – which owns around 77 brands including Hugo Boss, Burberry, Rimmel and Max Factor – for a whopping $600 million.

She has retained a 49 percent share in the business.

READ ALSO: Kylie Jenner responds to being removed from the billionaires club by Forbes

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