Keeping Up With The Kardashian‘s Kylie Jenner is dealing with internal renovations over at Kylie Cosmetics due to plummeting sales. After getting acquired by Coty cosmetics last year, the reality TV star’s beauty and skin empire has seen a number of changes within its CEO role. Now execs are looking to add a new face to help revamp the brand’s appeal.
With the pandemic putting thousands of companies out of business, Kylie is lucky Coty acquired her cosmetics company right before the world was put on pause. The Life of Kylie star inked her deal with the brand in November 2019, selling them 51% of her company for a whopping $600 million. The groundbreaking amount helped temporarily stamp Kylie as the youngest self-made billionaire according to Forbes until the outlet snatched the title and exposed the KUWTK star’s “web of lies.” Since embarking on the new partnership, the brand went on to drop $200 million to acquire Kim Kardashian’s KKW Beauty brand. That deal helped increase Kim’s net worth and finally inducted her into the billionaire’s club.
But Coty’s addition hasn’t helped Kylie Cosmetics see an increase in sales just yet. The company is set to introduce its fourth CEO in less than two years, Page Six reports. This week, the beauty mega-giant announced that Andrew Stanleick—Coty’s executive vice president of the Americas since 2017—is set to take over KUWTK star Kylie Jenner’s beauty brands and Kim’s KKW beauty brand. His promotion comes after momager Kris Jenner served as the interim CEO of Kylie Cosmetics and Kylie Skin since last April. Christoph Honnefelder was announced as the CEO of Kylie Cosmetics in January 2020 but never officially joined the company.
By June 2020, Coty promoted Simona Cattaneo as CEO around the time Kylie got blasted by Forbes for allegedly lying about how much she was actually worth. Though Kylie denied the reports, Coty still had to suffer the consequences and deal with shareholder lawsuits over beliefs the company overpaid for its stake in the company. The company now says sales for the KUWTK star’s Kylie Cosmetics plummeted during the pandemic due to consumers staying inside and covering their mouths in face masks. Now with Stanleick’s addition, the company hopes to upgrade to a direct-to-consumer website, “which will finally allow consumers to seamlessly shop the full assortment of her cosmetics and skincare products.”
Meanwhile, the famous family will still control “all creative efforts” of pushing the brand to consumers. There’s been recent talk about Kylie expanding her empire to include swimwear and apparel. Despite the setback that the pandemic caused, KUWTK star Kylie appears to be coming back bigger and better.
