Kylie Jenner Tops Forbes' Highest Paid Celebrity List Days After It Debunked Her Billionaire Status

"Coty announced a number of changes that will allow the company to focus on its core Prestige and Mass Beauty businesses, including renewed investment in the e-commerce development of the Prestige Beauty franchise," Coty said in a statement. "As part of this effort, we are building a strong foundation to support our strategic partnership with Kylie Jenner."

Simona Cattaneo, President Luxury Brands, will be overseeing the expansion of the Kylie Beauty business, Coty said on Wednesday's investor call, PEOPLE previously reported.

Last year, Forbes famously named Jenner the world's youngest self-made billionaire.

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