Kylie Cosmetics CEO Quits Amid Claims Business Is ‘Significantly Less Profitable’ Than Believed

He’s out! Kylie Jenner’s beauty brand, Kylie Cosmetics, lost CEO Christoph Honnefelder. The businessman quit following Forbes’ claims the company is “significantly smaller, and less profitable” than previously believed. WWD reports Honnefelder cited “personal reasons” for his split from Kylie Cosmetics. Simona Cattaneo, the president of parent company Coty’s luxury brands, will be stepping into the role.

“[Cattaneo] 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,” Coty shared in a statement. “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.”

The news comes just days after Forbes alleged Kylie, mom Kris Jenner and the Kardashians inflated the appearance of the company’s success. In a May 29 article, the outlet claimed the fine print of the Coty deal revealed Kylie Cosmetics only generated “about $125 million” in 2018 — a number “nowhere near the $360 million the Jenners had led Forbes to believe.” There were more disparities with Kylie Skin, which Coty’s filings suggest will bring in $25 million by the end of the year as opposed to the $100 million in revenue each month Kylie’s rep reported.

However, Kylie, 22, denied she ever attempted to make her business seem more successful than it is. “What am I even waking up to?” she asked on Twitter after the article dropped. “I thought this was a reputable site. All I see are a number of inaccurate statements and unproven assumptions, LOL. I’ve never asked [to be labeled a billionaire] or tried to lie my way there EVER. Period.” Responding to claims she “likely forged” tax returns shown to Forbes, she continued, “That’s your proof? So you just THOUGHT they were forged? Like, actually, what am I reading.”

Whether or not the Keeping Up With the Kardashians star’s billionaire status is up for debate, her business didn’t seem to take too big of a hit. The company still has 24.2 million followers on Instagram and plenty of loyal customers.