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Coty Inc. and Kylie Jenner announced that Christoph Honnefelder has been appointed CEO of Kylie Cosmetics and Kylie Skin and will assume the role “in the near future” according to Coty’s press release.
In November, Kylie Jenner sold 51% of her cosmetics and skincare brand to beauty conglomerate Coty for $600 million, valuing Kylie Cosmetics at $1.2 billion. Kylie Jenner, the 22-year-old founder and previous CEO of the cosmetics company and a member of the Kardashian-Jenner family, will own the remainder of the company. Coty said in a statement that the transaction creates a “long-term strategic partnership” in which Coty and Jenner will “jointly build and further develop Jenner’s existing beauty business into a global powerhouse brand.” Jenner and her team will continue to lead “all creative efforts in terms of product and communications initiatives,” while Coty will have “overall responsibility for the portfolio’s development,” according to Coty. The deal is expected to close in the third quarter of fiscal year 2020.
Honnefelder was most recently the executive vice president for assortment and purchasing at Douglas, a leading European specialty beauty retailer. Before Douglas, Honnefelder spent nine years at German consumer good and coffee retailer Tchibo in various senior management positions. He began his career at The Boston Consulting Group.
Kylie Jenner founded her cosmetics company in 2015 and it grew quickly due to her massive social media following and the popularity of her signature Kylie Lip Kits. She was named the youngest self-made billionaire in history according to Forbes magazine in March of last year. Her wealth came primarily from Kylie Cosmetics which Forbes valued at $900 million at the time.