Following her Forbes fiasco, it has now been revealed that Kylie Jenner has lost the incoming CEO of her company Kylie Cosmetics, Christoph Honnefelder, who only joined the company in January this year.
FashionNework.com reports that Honnefelder was appointed to the leadership role as the incoming CEO in January of this year, but has now left for 'personal reasons.'
Beauty giant Coty - who have a 51% stake in Jenner's makeup company for $600 million - announced yesterday that it was making a number of changes that will 'allow the company to focus on its core prestige and mass beauty businesses.'
Shake-up: Following her Forbes fiasco, Kylie Jenner has now lost her incoming CEO of Kylie Cosmetics, Christoph Honnefelder, who only joined the company in January this year.
The shake-up comes after shares of Coty plummeted 13 percent last month after Forbes kicked Jenner off it's billionaire's list and accused her of 'inflating the value of her cosmetics business for years.'
Forbes published an article based on an examination of financial filings after the beauty mogul sold a majority share in her cosmetics company.
Jenner sold a 51 percent stake in her Kylie Cosmetics brand to Coty in January for $600 million in a deal that valued the company at $1.2 billion.
Exit: Christoph Honnefelder, who only joined the company in January this year as incoming CEO, has left Kylie's brand for 'personal reasons'
But Forbes, which had declared the 22-year-old a billionaire in March 2019, said in an article published on its website that the fine print of the deal reveals that the business is 'significantly smaller and less profitable' than they were led to believe.
Jenner was removed from Forbes' Billionaire List on Friday after the outlet claimed she had 'inflated the size and success of her business for years.'
It also accused the famous family, of which Kylie is the youngest member, of creating tax returns that were 'likely forged.'
Changes ahead: Kylie - pictured above for her company - has denied reports made by Forbes
Investors saw Coty’s stock close down 13 percent, to $3.63 a share. So far this year the stock has dropped 67 percent.
Meanwhile, Jenner's beauty brand will now overseen by Simona Cattaneo, president luxury brands, the statement said.
'As part of this effort, we are building a strong foundation to support our strategic partnership with Kylie Jenner. As noted on today's investor call, Simona Cattaneo, president 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.'
Jenner has previously denied reports by Forbes that she has inflated her business in any way.
Impressive: In 2019, Kylie was hailed as the 'youngest 'self-made' billionaire for the second year in a row (pictured on the 2018 cover)