There are some major shakeups happening behind the scenes in the beauty world, stuff that could have big ramifications for multiple Kardashian-Jenner down the road. The timeline is a little fuzzy, but it all seems to point back to one person, Kylie Jenner. It was just last week the reality star was stripped of her title as the world’s youngest billionaire in a bombshell Forbes article which accused her of wildly inflating her profits.
Now, her brand is experiencing another shakeup as it was announced on Tuesday that Kylie Cosmetics CEO Christoph Honnefelder will step down. Honnefelder was just hired in January, and now he’s leaving before even having his first day on the job. Parent company Coty announced he would be replaced by Simona Cattaneo, their current president of luxury brands.
Coty released a statement saying that Honnefelder didn’t leave because of the whole Forbes fiasco. It’s a bit hard to believe after Coty shares dropped 13% when the billionaire bomb dropped. The total company decline in 2020 is now 62%.
On Monday, Coty named their new CEO, the fourth one in four years, Peter Horf.
Coty has also disclosed they’re “in talks” with none other than Kim Kardashian West for a potential beauty line. This move did the trick, as shares jumped 7% after the KKW announcement, on top of the 20% spike from the CEO announcement earlier in the week.