Kylie Jenner

The Coty Inc. and Kylie Cosmetics deal has closed, and Coty has hired a former Douglas employee as chief executive officer for the companies’ joint venture.

Christoph Honnefelder has been appointed ceo of Kylie Cosmetics and Kylie Skin, and will assume the role “in the near future,” Coty said in a statement Monday. Honnefelder was most recently executive vice president for assortment and purchasing, and a member of the executive committee at Douglas, the European beauty retailer. Before Douglas, Honnefelder spent nine years at German consumer goods and coffee retailer Tchibo. Before that, he was with the Boston Consulting Group.

Kylie Jenner and her team will continue to lead creative efforts and social media outreach at the business, according to the companies, and Coty will be in charge of portfolio development. Now that the deal has closed, Coty officially owns 51 percent of the joint venture.

WWD first reported last June that Coty was gearing up to pay $600 million for a 51 percent stake in Jenner’s business. The deal was officially unveiled in November.

For more from WWD.com, see: 

Cheryl Vitali Named Global President, American Luxury Brands 

Beauty’s $1 Billion-Plus M&A Boom

The 10 Most Important Beauty M&A Deals of 2019

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