Kylie Jenner ‘No Longer A Billionaire’ Claim Forbes As They Accuse Lip Kit Mogul Of ’Inflating The Size Of Her Business For Years’
29 May 2020, 15:43 | Updated: 2 October 2020, 23:01
Kylie Jenner has lost out on her billionaire status after Forbes claimed her business is “significantly smaller” than people believed.
Kylie Jenner was named the world’s youngest self-made billionaire in 2019 by Forbes, who even placed her on the front cover of their magazine to announce the news, but the publication has now accused the cosmetics entrepreneur of ‘lying about company figures’, knocking her actual net worth down by chunk.
In an unexpected turn of events, Kylie Cosmetics is “significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets to believe,” Forbes have reported after seeing filings released by publicly traded Coty over the past six months.
The business mogul was quick to respond to Forbes' claims, writing on Twitter: "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 [sic]."
She then said the accusations are "the last thing I'm worried about right now."
Kylie started her makeup line in 2015, selling her own range of lip gloss and liner kits after months of speculation she’d had lip fillers – to which she eventually confessed to.
But Forbes have accused the entrepreneur of ‘creating a web of lies’ – just weeks after confirming her billionaire status had continued into 2020.
They claim ‘the Jenners’ were willing to go to extreme lengths to prove their wealth and that they were invited into Kylie’s mansion and CPA’s (certified public accountant’s) office to ‘look richer’.
Forbes also alleged the family “created tax returns which were likely forged.”
In January Kylie sold 51 per cent of Kylie Cosmetics to beauty giant Coty for $600million, valuing her business at around $1.2billion which she would have pocketed an estimated $340million from.
They write: “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 have since re-evaluated Kylie’s net worth, claiming she is not a billionaire after all.
They report “a more realistic account” of just under $900 million (£730 million).