In a surprising turn of events, financial magazine Forbes has revoked Kylie Jenner’s billionaire status, claiming that her cosmetic company, Kylie Cosmetics, is not as valuable as previously thought. The reality TV star and beauty entrepreneur graced the cover of Forbes in March 2019, earning the title of the youngest “self-made” billionaire. However, Forbes has now indicated that Jenner’s wealth has been overstated, suggesting that she has been exaggerating the success of her business.
Forbes conducted a thorough review of financial documents, including tax records, which revealed discrepancies when compared to the earnings report from Coty Inc., the beauty giant that acquired Kylie Cosmetics for $600 million in late 2019. Initially, the Jenners reported that Kylie Cosmetics generated $360 million in sales in 2018. Yet Coty later reported a 40% revenue increase, amounting to only $177 million. This raises questions about the actual growth of the business.
According to Forbes, “Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.” After factoring in new data and the impact of COVID-19 on the beauty market, Forbes estimates that Jenner’s net worth is now just under $900 million, even after she reportedly earned approximately $340 million post-tax from the sale of her company.
In response to the article, Jenner took to Twitter to defend herself, denying any wrongdoing regarding her financial disclosures and criticizing Forbes’ credibility. “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,” she tweeted. She later shifted her focus to expressing gratitude for her daughter and her thriving business, asserting, “I’m doing perfectly fine.”
The family’s communications have since gone quiet, with Forbes stating that the Jenners have ceased responding to inquiries. The scrutiny surrounding their claims has led many readers to question why Forbes did not conduct a more thorough investigation before bestowing the billionaire title on Jenner. One social media user even humorously wondered if they, too, could gain media attention by simply declaring themselves billionaires.
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In summary, Kylie Jenner’s billionaire status has been called into question by Forbes, which alleges that her business is not as successful as previously claimed. The discrepancies in financial reports have raised eyebrows, and Jenner has publicly defended her position while the family remains tight-lipped.