Coty also confirmed the completion of its purchase of a 51% stake in Kylie Cosmetics for $600 million. The sale, which values Kylie Cosmetics at nearly $1.2 billion, was announced in November.
Most recently, Honnefelder served as the evp for assortment and purchasing at Douglas, a European specialty beauty retailer with more than 2,200 locations. Prior to joining Douglas, Honnefelder spent nine years at German coffee retailer Tchibo in various senior management positions.
To drive growth, Kylie Cosmetics and Kylie Skin brands will embark on a global expansion and enter into new beauty product categories.
Though the brand is now under Coty’s purview, Jenner and her team will continue to head up creative, in particular that which deals with Kylie Cosmetics’ products and communications, allowing the social media star to continue to leverage her own reach (over 156 million followers on Instagram alone). Coty, meanwhile, will be responsible for the development of the product portfolio with the help of its own R&D, manufacturing, distribution and commercial teams.
Jenner founded Kylie Cosmetics in 2015, debuting with what is now her signature item: a lit kit, consisting of a liquid lipstick and matching lip liner. In September, the brand announced its first permanent retail partnership with beauty chain Ulta—previously, Klyie Cosmetics exclusively sold through its own direct-to-consumer channels. As of November, the brand generated annual revenue of $177 million.
A representative for Kylie Cosmetics did not immediately respond to a request for comment.