Kris Jenner, the ultimate momager, is stepping aside as chief executive officer of Kylie Cosmetics and Kylie Skincare.
Coty Inc., which spent $600 million for 51 percent of the brands, revealed that Andrew Stanleick, executive vice president, Americas, will also become the global CEO of Kylie Jenner’s beauty business and oversee the management of Kim Kardashian West’s beauty brand. Coty paid $200 million for 20 percent of KKW Beauty in a deal that closed in January.
Stanleick has also been promoted to Coty’s global leadership team. Kris Jenner will remain on the board of King Kylie LLC, the joint venture created between Coty and the brands, to whom Stanleick reports in his role as CEO.
The appointment comes at a critical time for the business. Kylie Cosmetics is set to unveil an entirely new range this summer, as well as a new direct-to-consumoer platform where consumers will be able to access the entire lineup across color cosmetics and skin care for the first time. Kim Kardashian West, meanwhile, is readying her first foray into skin care, set to launch sometime in Coty’s fiscal year 2022, which starts in July.
“Kylie’s business was impacted by COVID-19, but it is coming out of it strongly,” Stanleick said. “The engagement is huge and the following enormous. You’re talking 230 million followers and counting just on Instagram — you’re talking levels like Nike and Starbucks.”
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During Coty’s last earnings call, company CEO Sue Nabi acknowledged that the disruption to Kylie Cosmetics’ supply chain as a result of litigation with manufacturer Seed Beauty has negatively impacted performance, but said the upcoming refresh of the brand this summer is expected to revive sales.
“Kylie Cosmetics sales in recent months have been limited by the completion of the former manufacturing contract and transition from Kylie’s previous manufacturing supplier even as demand for cosmetic broadly remains weak,” Nabi said. “However, the launch of the new Kylie Cosmetics line remains on track for this summer.
“While we cannot reveal many details just yet, we are excited about this new initiative built on a true collaboration between Kylie and Coty,” Nabi continued, “which will include an updated cosmetic product assortment and omnichannel approach and a best-in-class website and platform, which will allow consumers to seamlessly shop the full assortment of Kylie Cosmetics and Kylie skin care products.”
Stanleick, who has been one of the primary architects of the revival of Cover Girl, will be instrumental to integrating the brands into the Coty universe. “The key objective with both Kylie Jenner and Kim Kardashian West is partnering closely with both of them to globalize the brands and expand the categories,” he said. “It is a powerful network [that] we can create together, leveraging each other’s core strengths and capabilities.
“Kylie and Kim are both at the forefront of beauty trends,” Stanleick continued, “and what Coty can offer is our vast distribution network globally and great access to expertise in terms of beauty categories and formulas across many different categories.”
Geographically, the focus in the immediate future will be to accelerate growth in key existing markets including the U.S., the U.K. and Germany, said Stanleick, whose international experience includes a seven-year stint in Asia. While China is a key plank in Coty’s overall growth plan, Stanleick said for Kylie and KKW, Asia will be “evaluated as part of our roadmap of growth for the next years,” noting “there is still much growth to be had in terms of our existing markets.”
In addition to d-to-c, both brands are sold at Ulta Beauty.
Stanleick declined comment when asked if either would be part of the partnership between Ulta Beauty and Target, which is expected to debut in the second half of this year.
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