Coty has completed its USD 600 million transaction with Kylie Jenner. According to the agreement, the multinational now owns 51% of the beauty brand which has made an estimated USD 177 million in net revenues over the past 12 months. The aim is to expand Kylie Cosmetics globally and to enter into new beauty categories.
Former Douglas executive Christoph Honnefelder has been assigned the task to build and further develop Kylie’s existing beauty business into a global powerhouse brand. Coty said he will assume the role of CEO of Kylie Cosmetics and Kylie Skin in the near future.
Most recently, Mr Honnefelder drove beauty brand growth as Executive Vice President for Assortment & Purchasing and a member of the Executive Committee at Douglas, a leading European specialty beauty retailer with more than 2200 doors. Prior to Douglas, he spent nine years at German consumer goods and coffee retailer Tchibo in various senior management positions and began his career at The Boston Consulting Group.
According to Coty, Kylie Jenner and her team will continue to lead product creation and communications, building in particular on her key asset: her global reach capabilities through social media. Coty will have overall responsibility for the portfolio’s development, leveraging its global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise. The company said it intends to continue to work with the brand’s current strategic suppliers in existing product categories.