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Forbes says Kylie Jenner faked her billionaire status

Kylie Jenner has been stripped of her billionaire status by Forbes.

In a report shared on the official website of Forbes, the reality TV star and cosmetic guru is said to have altered the figures of her wealth.

“But in the deal’s fine print, a less flattering truth emerged. Filings released by publicly traded Coty over the past six months lay bare one of the family’s best-kept secrets:” Forbes reports.

Kylie’s signature Lip Kits, which consist of a lipstick and a matching lip liner, were first released in late 2015 and sold out in minutes. She now sells them both online and in Ulta stores.

The makeup mogul, who was declared “The Youngest Self-Made Billionaire Ever” by Forbes last year has now been revealed 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”.

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.

And Forbes now think that Kylie, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire.

Forbes claim that filings released by publicly traded Coty over the past six months reveal Kylie’s business is significantly smaller than people have been led to believe.

Forbes wrote, “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.”

According to Forbes’ new calculations Kylie’s is worth just under $900million.

In 2015, Kylie Jenner launched her own cosmetics line called Kylie Lip Kits, which was renamed to Kylie Cosmetics the following year.

 

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