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.