Kylie Jenner’s cosmetic brand is suffering an unfortunate future after CEO Christoph Honnefelder exited the company after joining in January. According to beauty company Coty, the new role will be replaced by Simona Cattaneo, who will oversee the operations for Kylie Cosmetics. This news comes after Forbes revealed that Kylie was no longer a billionaire. The 22-year-old beauty entrepreneur was very vocal about her response to the backlash received by the media company and commented, “I can name a list of 100 things more important right now than fixating on how much money I have.”
This news came to a surprise for the beauty maven, who was previously named as the youngest billionaire by Forbes’ Billionaires The Richest People in the World feature. Christopher announced his departure before taking on the role and mentioned it was due to personal reasons. Simona has been put in the position instead. “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,” shared Coty in a statement.
According to Forbes, Kylie Cosmetics generated $330 million in sales in 2016 but further investigations put her under $125 million in revenue in 2018. The former self-made billionaire defended her status and sent a letter to the publication denying that she has lied or that the tax returns contain false numbers. The publication pressed for answers but mentioned that the Kardashian-Jenner family, “stopped answering our questions.”