KYLIE Cosmetics' CEO Christoph Honnefelder resigned from his position after Forbes' claimed that Kylie Jenner 'inflated profits for years'.
The chief executive officer left after just six months on the job.
Kylie Cosmetics seems to be crumbling under the pressure as Coty announced on Wednesday the exit of the CEO, Fashion Network reported.
In a statement obtained by the fashion site, Andra Mielnicki, vice president, global influencer marketing, luxury at Coty, said: "Coty yesterday announced a number of changes that will allow the company to focus on its core prestige and mass beauty businesses, including renewed investment in the e-commerce development of the prestige beauty franchise."
The statement further read that Simona Cattaneo, president luxury brands, will be 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."
News of the CEO stepping down from his position at Kylie Cosmetics comes less than a week of Forbes publishing that scathing report where it claimed Kylie, 22, was not a billionaire.
The esteemed business magazine claimed the supposed self-made billionaire "inflated the size and success of her business for years."
Reporters Chase Peterson-Withorn and Madeline Berg claimed: "Forbes has recalculated Kylie’s net worth and concluded that she is not a billionaire.
"A more realistic accounting of her personal fortune puts it at just under $900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status."
Forbes labeled the KUWTK star the youngest self-made billionaire in 2019.
However, Forbes claimed they decided to do a deep-dive in the fine print of the deal – and discovered not everything was as it seemed.
The writers claimed: "Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe."
Forbes then claimed the Kardashians went to "unusual" lengths to prove just how wealthy Kylie was, which included "inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged."
They also admitted they could not prove the documents were forged.
Hours after Forbes' article was published, a worried Kylie slammed the business site on her social media.
She wrote on Twitter: "What am I even waking up to. I thought this was a reputable site. All I see are a number of inaccurate statements and unproven assumptions lol.
"I've never asked for any title or tried to lie my way there EVER. period."
She also shut down claims she forged her tax returns.
In the aftermath of the report, a source told The Sun that Kylie and Kris were definitely "worried" that the accusations could affect their reputation and business.
And another alleged that the mother-daughter duo had stopped talking.
The insider said: "Kris is in panic mode. Kylie won’t answer the phone for Kris and is at a loss over who to trust."
Another informant also claimed that Kris has taken things into her own hands and has "waged war on Forbes."
The source said: "The family has lawyered up for this.
"Kris has never dealt with anything of this magnitude and it has consumed every aspect of her life.
"She’s fixated on it. Kourtney, Khloe and Kim want her to let it go, but she will not."
The informant continued: "Kris has waged war against Forbes, and she feels completely betrayed by them.
"Kris told Kylie to keep her mouth shut on social media and to any press and let her handle this.
"Kris is demanding a retraction from Forbes.
"She told them they will never have access to anyone in her family ever again. She really feels humiliated by this."
Kris' anger about this whole situation is so much so that the Kardashian's lawyers went directly to Forbes to ask for a retraction.
Lawyer Michael Kump said in a statement to the New York Post: "We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth. The article is filled with outright lies.
"Forbes’ accusation that Kylie and her accountants 'forged tax returns' is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements.
"It is sad that, of all things, Forbes has devoted three reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth. We would not expect that from a supermarket tabloid, much less from Forbes."
A Page Six source also said Kylie has been spending her millions of dollars on mansions, property and private jets.
The source claimed: "She spent an estimated $50 million to $70 million on a Global Express Jet that she had fitted out in the theme of daughter Stormi’s birthday this past February."
The insider continued: "Kylie’s sisters are concerned about her spending.
"Yes, she’s got a lot of money – but she doesn’t seem to realize how easy it is to blow through all of it.
"She’s likely spent over $130 million in the past year."
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