Formerly touted as the world’s youngest self-made billionaire, the 'real' net worth of Jenner’s beauty empire has been laid bare
Beauty mogul and entrepreneur Kylie Jenner has been stripped of her billionaire status by Forbes after allegedly ‘inflating’ the size and success of her beauty businesses.
The 22-year-old’s beauty brand sell-off to Coty was noted as one of the largest celebrity cash outs of all time, fetching US$600m for a 51% stake, estimating Kylie Cosmetics to be worth $1.2bn.
But according filings analysed by Forbes, Jenner’s brands are worth 'significantly' less.
Jenners’ publicists are said to have told Forbes that Kylie Cosmetics’ revenue was more than $360m in 2018, but financial reports are said to reveal that the beauty brand only achieved $125m in sales. .
The Jenners also told Forbes that Kylie Skin, which launched in May last year, achieved more than $100m in revenue in two months, but the Coty figures are claimed to suggest the brand had not made $25m in revenue in six months. .
Estimates were also made that the lipkit entrepreneur took home earnings of more than $166m in 2018 and $170m in 2019, but this is now believed to be around $50m each year.
“Based on this new information – plus the impact of Covid-19 on beauty stocks and consumer spending – Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340m after taxes from the sale, is not a billionaire,” wrote the publication.
Forbes has also accused the family of ‘likely’ forging tax returns to achieve her billionaire status.
Jenner has since hit back at Forbes with a series of Tweets accusing the publication of “inaccurate statements and unproven assumptions”.
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— Kylie Jenner (@KylieJenner) May 29, 2020
“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.— Kylie Jenner (@KylieJenner) May 29, 2020
i can name a list of 100 things more important right now than fixating on how much money i have— Kylie Jenner (@KylieJenner) May 29, 2020
Kylie Cosmetics and Coty have been contacted for comment.