The rapid-fire reshuffling at the top of Kylie Jenner’s cosmetic company continued this week with what appears to be the company’s fourth new chief in less than two years.
Coty on Wednesday said it’s tapped Andrew Stanleick — Coty’s executive vice president of the Americas since 2017 — to head up Kylie Jenner Beauty Brands.
Stanleick will also oversee Coty’s 20 percent stake in big sister Kim Kardashian West’s beauty business, which Coty secured last year for $200 million. The cosmetic company behind CoverGirl and OPI brands bought a majority stake in Jenner’s brand of make-up and skincare products in 2019 for $600 million.
Wednesday’s move bumped Jenner’s mom, Kris Jenner, from the role of interim CEO of Kylie Cosmetic and Kylie Skin.
Coty says Jenner — whose family rose to fame with hit reality TV show “Keeping Up with the Kardashians” — took on the role of interim CEO in April 2020.
That’s where things start getting confusing.
In January 2020, Coty named Christoph Honnefelder, a former executive with European specialty retailer Douglas, as CEO of Kylie Cosmetics. But Honnefelder never officially joined the company. And by June, Coty said it had tapped Simona Cattaneo, head of the beauty company’s luxury brands, to oversee Kylie Cosmetics’ global expansion.
Cattaneo, who recently announced she would be stepping down from Coty after five years to pursue other interests, was given the expanded role following explosive reports claiming that the unit’s then 22-year-old founder had allegedly been lying about her sales in a desperate attempt to be named a billionaire.
Jenner has denied the reports, but Coty was still slapped with shareholder lawsuits alleging that it overpaid for its 51 percent stake in the beauty business, which was valued at $1.2 billion at the time.
Kylie Jenner has also been sued by California-based Seed Beauty LLC, the private-label manufacturer that used to make and distribute Kylie Cosmetics products. It has alleged that Jenner’s company shared trade secrets with Coty.
Without disclosing details, Coty has said Kylie Cosmetics saw sales of its lip kits and other makeup products plummet during the pandemic when consumers were hunkered down in their homes and hiding their mouths with face masks.
Cccording to DA Davidson analyst Linda Bolton Weiser, Coty has said very little about its explosive 2019 acquisition in recent earnings reports. The company’s “failure to mention the brand as one that is growing” will only lead investors to believe its sales have been declining, she said.
“Andrew is a very experienced and respected Coty leader who has demonstrated strong business development acumen, strategic rigor, and customer orientation,” Coty CEO Sue Nabi said in a statement. “This is a great opportunity for Andrew and Coty to fully leverage our global knowledge and capabilities in R&D, manufacturing, distribution, commercial and go-to-market expertise.”
Kris Jenner will remain closely involved in the business, the company said, leading along with her daughters “the strategic direction of both partnerships.”
The famous family will also continue to lead “all creative efforts” including communicating about the products on their vast social media networks.
“Andrew is a beauty industry veteran with a proven track record of expanding brands into global markets,” Kris Jenner said in a statement, “and we very much look forward to working closely with him to further accelerate the businesses.”
Stanleick, who will continue in his role as EVP as well, said in a statement, “We have a clear plan in place to accelerate growth and ensure these businesses are able to continue to deliver outstanding products that are new, innovative and sustainable.”
The plan for Kylie’s business, he said includes a direct to consumer website “which will finally allow consumers to seamlessly shop the full assortment of her cosmetics and skincare products.”
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May 27, 2021 at 04:12AM
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Kylie Jenner Beauty taps new CEO amid sales decline - New York Post
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