Makeup mogul and reality TV star, Kylie Jenner has lost her billionaire status after being accused by Forbes of inflating the size of her business and
Makeup mogul and reality TV star, Kylie Jenner has lost her billionaire status after being accused by Forbes of inflating the size of her business and success.
In 2015, Kylie Jenner launched her own cosmetics line called Kylie Lip Kits, which was renamed to Kylie Cosmetics the following year.
Last year, she was declared ‘The Youngest Self-Made Billionaire Ever’ by Forbes but she is now being alleged to have lied about company figures and forged tax returns to reach billionaire status according to Forbes in a new story titled “Inside Kylie Jenner’s Web of Lies – And Why’s She’s No Longer a Billionaire”.
Forbes compared Kylie to Donald Trump’s “decades-long obsession” with his net worth. The publication states “the unusual lengths to which the Jenners have been willing to go—including inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged—reveals just how desperate some of the ultra-rich are to look even richer.”
In January 2020, Kylie sold 51% of her Kylie Cosmetics to the beauty company, Coty, in a deal valued at $1.2 billion. Kylie and Coty both boasted about the deal in the press. Forbes claims that filings released by publicly traded Coty over the past six months reveal Kylie’s business is significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe.
“Revenues over a 12-month period preceding the deal: $177million according to the Coty presentation, far lower than the published estimates at the time. More problematic, Coty said that sales were up 40% from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe.
“Kylie’s skincare line, which launched in May 2019, did $100 million in revenues in its first month and a half, Kylie’s reps told us. The filings show the line was actually “on track” to finish the year with just $25 million in sales,” Forbes wrote.
According to Forbes’ new calculations, Kylie’s is worth just under $900million.
However, the 22 year old mother of one isn’t taking the accusations lightly saying, “What am i even waking up to. i thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i’ve never asked for any title or tried to lie my way there EVER. period,” she tweeted.
“even creating tax returns that were likely forged, that’s your proof? so you just THOUGHT they were forged? like actually what am i reading. but okay i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine. i can name a list of 100 things more important right now than fixating on how much money i have.”
