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Kylie Cosmetics is getting a new CEO just months after the makeup mogul agreed to sell a majority stake in her company for $600 million

Kylie Cosmetics is getting a new CEO just months after the makeup mogul agreed to sell a majority stake in her company for $600 million
Kylie Cosmetics is getting a new CEO just months after the makeup mogul agreed to sell a majority stake in her company for $600 million

In November, Jenner entered a deal to sell a 51% stake in Kylie Cosmetics to Coty for $600 million, which values the makeup brand at $1.2 billion.

Coty and Kylie Jenner announced that Christoph Honnefelder will take over as CEO of Kylie Cosmetics and Kylie Skin. In addition, Coty and Jenner have commenced their "long-term strategic partnership" to help expand Jenner's current makeup empire into a "global powerhouse brand," according to Coty's press release

Jenner and her team will still lead "all creative efforts in terms of product and communications initiatives," while Coty will lead the portfolio's "overall" development. Previously, Honnefelder served as the executive vice president for assortment and purchasing at Douglas, a European beauty retailer. 

Jenner sells majority stake for $600 million

In November 2019, Jenner announced her intention to sell a majority stake in her namesake makeup company to beauty conglomerate Coty Inc.

Coty, controlled by the European investment firm JAB Ltd., agreed to purchase a 51% stake in the company for $600 million, valuing the brand at $1.2 billion. The Wall Street Journal reported in November that Jenner would remain the "public face" of the brand.

Jenner founded the brand in 2015, and it quickly became successful. In 2017, two years after its launch, Forbes reported that the brand already had a valuation of $800 million, with Jenner, at the time, on track to become the youngest self-made billionaire in history. She achieved this feat just two years later, in 2019, according to Forbes.

Coty said in a November statement that Jenner's brand was set to bring in roughly $200 million in sales by the end of 2019.

Known primarily known for their brands CoverGirl, Clairol hair dye, and OPI nail polish, Coty has struggled with weak sales in recent years, WSJ reports. The Wall Street Journal's Sharon Terlep reported in early November that the beauty conglomerate was restructuring and had experienced high executive turnover, with Coty on its third CEO in as many years. With this deal, Coty will refocus on revitalizing its flagging beauty division.

Coty's shares jumped 6% upon the initial announcement of the acquisition, though stock has since declined.

A representative for Kylie Cosmetics declined to comment further when reached by Business Insider. Representatives for Coty didn't immediately respond to a request for comment from Business Insider.

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