Forbes has claimed that cosmetic mogul, Kylie Jenner is no longer a billionaire according to new findings.
Forbes has accused the star of creating a ‘web of lies’ and says Kylie, 22, has inflated the size of her business and success after acquiring filings released by publicly traded Coty over the past six months.
The publication accuses her of ‘lying about company figures and forging tax returns’ to reach the billionaire status.
Kylie sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion in January. Forbes now thinks that Kylie, even after earning an estimated $340 million after tax from the sale, is not a billionaire.
“It’s fair to say that everything the Kardashian-Jenner family does is oversized,” says Stephanie Wissink, an equity analyst covering consumer products at Jefferies. “To stay on-brand, it needs to be bigger than it is.”
Forbes wrote: “Revenues over a 12-month period preceding the deal: $177 million 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.
“Based on this new information, including the impact of COVID-19 on beauty stocks and consumer spending—Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire.”