Christoph Honnefelder is out! Kylie Jenner’s brand, Kylie Cosmetics recently lost its CEO, who cited the allegations made by Forbes. The popular business magazine suggests Kylie's company is less profitable and significantly smaller than previously believed.

As per the reports, Honnefelder attributed "personal reasons" to leave the brand, adding that the parent company, Coty's luxury's president, Simona Cattaneo, will take over the position. She will take the responsibilities from Honnefelder who internally announced about not continuing the role of the CEO in Kylie Beauty to the seniors.

In the statement shared by Coty, the company mentioned that under the leadership of Cattaneo, they are excited about the Kylie Beauty business' future opportunities, which is indicated to them by the recent successful launch of Kylie Skin products in Europe.

Honnefelder stepped down from the CEO's post right after Forbes accused Kylie, Kristen Mary Jenner, and the Kardashians for inflating the company's appearance as being successful. In an article released on May 29, Forbes claimed Coty's fine print disclosed Kylie Cosmetics 2018 profits which were only “about $125 million”. Forbes stated that the Jenners made them think it was $360 million.

Furthermore, there was a great difference in Kylie Skin's profits as well, Coty’s filings suggested the company will earn $25 million before the year ends as opposed to generating $100 million revenue every month as per Kylie’s rep told.

Jenner, 22, refused that she ever tried to make her revenue look more than it was. In fact, she called out Forbes on Twitter by saying she thought it was a reputable website and all she could see is unproven assumptions and various inaccurate statements.

Keeping Up With the Kardashians star further adds that she never wanted to be labeled as a billionaire or lie to reach anywhere ever. Whether the reports are true or not, the businesswoman's billionaire status is questionable to many as they are ready to debate.

While the business didn't do as the company may have expected, 24.2 million Instagram followers and loyal customers are still on Jenner's side. There were claims made that she must have “likely forged” her tax returns to show Forbes, the model responded by saying, “That’s your proof? So you just THOUGHT they were forged? Like, actually, what am I reading.”

As the businessman Honnefelder left the company, it is interesting to see how the business venture evolves further with the new CEO.