In August 2018, Forbes Magazine crowned Kylie Jenner, the youngest ‘self-made’ billionaire on its front cover. The 22-year-old owned Kylie Cosmetics, which reportedly generated millions of dollars annually. However, she sold 51% of it to the beauty giant Coty for $1.2 billion. The news quickly hit the headlines, and this further confirmed Forbes earlier publication of her billionaire status quo.
But in a new twist of events, the billionaire’s status may have been merely a fabrication, according to the latest report published by the publication. The report, which comes 13 months after Jenner’s appearance on Forbe’s front pages, accused her of lying about her business financially.
How Did the ‘’Web of Lies’’ Come About?
Forbes claims that they have been to the family’s CPA offices from where they were presented with the annual revenue for Jenner’s company from 2016 to 2018. The figures were between $307 million to $360 million per year.
However, the company’s deal with Coty seems to have exposed what the family may have considered a well-guarded secret. Coty’s fillings revealed that Kylie’s business was significantly smaller with less profitability compared to what the family had made the cosmetics industry and media outlets believe through the years.
“It’s fair to say that everything the Kardashian-Jenner family does is oversized. To stay on-brand, it needs to be bigger than it is”.
This was according to an equity analyst covering consumer products at Jefferies, Stephanie Wissink.
Kylie Jenner lashes out at Forbes magazine over fake billionaire claims
The reality TV star of ‘Keeping Up With the Kardashians’ has fired back at the publication. The claim by Forbes that the company’s tax returns were forged caught her by surprise. She said, ‘’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’’.
However, in her justification, Jenner seemed confident about her business. She has no regrets because she said she has had a successful business over the years and that she was doing perfectly fine.
Meanwhile, Forbes was quick to state that the beauty mogul was not broke only that she needs to work a little harder to get to billionaire status instead of cutting corners.