Kylie Jenner received her biggest setback this year after Forbes released an explosive story about her net worth and how she lied to earn the title of Youngest Self-Made Billionaire. Since then, it has been a downward spiral for her company Kylie Cosmetics, which was recently acquired by Coty for $600 million.
melissamn/Shutterstock | Kylie Cosmetics was acquired by Coty for $600 million.
Ever since the lip kit mogul gave up the title of CEO, Coty announced her new successor, Christoph Honnefelder, who took over the role earlier this year. But just six months in, he decided to quit due to ‘personal reasons’, as quoted by the company.
While the real reason behind Honnefelder is still unclear, the news raised questions about the future of Kylie’s business. Coty released a statement after the former CEO’s resignation that his position will be given to the President of Luxury Brands, Simona Cattaneo.
Coty added that the company is very excited to have her on board and hopes the best for the expansion of the business, especially after the recent launch of Kylie Skin in Europe.
Honnefelder’s resignation followed the explosive article published by Forbes which accused Kylie and her mom of falsifying earnings and tax returns to inflate the value of her company.
Kathy Hutchins/Shutterstock | Kris Jenner has been managing Jenner’s career since the beginning
The young entrepreneur fired back with a tweet claiming that Forbes’ accusations were merely inaccurate assumptions. She also reminded her fans that there were more important issues to focus on (the current pandemic) rather than fixating on her net worth.
The young millionaire also stressed that she never asked Forbes to give her a special title based on how much money she had so that gave her little to no reason to lie about her income.
This claim was regarding Forbes’ 2019 article which hailed Kylie as the youngest self-made billionaire. It was definitely a controversial claim at the time, with many people questioning the ‘self-made’ part of the title. After all, the reality star was born and raised in a celebrity family and it was her momager Kris Jenner, who helped her launch Kylie Cosmetics.
Kylie Jenner/Instagram | The reality star was born and raised in a celebrity family
The reality of Kylie Cosmetics’ revenues came to light after the makeup mogul sold off 51 percent of the business to Coty, a publically traded company that recently revealed Kylie Cosmetics’ sales figures to be much lower than what the family had disclosed to Forbes.
