Forbes Accused Kylie Jenner Of Lying About Billionaire Status, Kylie Responds
In March 2019, Kylie Jenner made headlines for being hailed by Forbes as the youngest self-made billionaire in the world, a feat that owed to her eponymous beauty brand Kylie Cosmetics. What started out as a lip kit business eventually expanded to include more products, including a skincare line. Her status as billionaire beauty mogul was solidified when, in November 2019, she struck a deal with global beauty company COTY, the parent company of brands like CoverGirl and Max Factor. COTY bought 51% of Kylie Cosmetics’ shares for $600 million, resulting in a huge cashout for Kylie herself.
However, her net worth is now being questioned by Forbes after releasing a report yesterday, titled "Inside Kylie Jenner's Web of Lies—and Why She's No Longer a Billionaire," essentially backpedaling on their claim last year when they called her the youngest self-made billionaire in the world.
The aforementioned article accused the 22-year-old of “inflating the size and success of her business” for years. In a nutshell, Forbes says that Kylie Jenner’s camp has been exaggerating the company’s numbers to make the company bigger than it really is. Forbes also says that her side had gone through unusual lengths to prove her net worth to the title, such as “inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged.”
According to Forbes, Kylie Cosmetics had been feeding the public false numbers, and successfully so. “Revenues were $400 million over the business’ first 18 months, they said, with a personal take-home pay of $250 million for Kylie.” In its first year alone, the company claims to have earned $300 million in revenue, a staggering number that drew both suspicions and amazement from analysts. The following year, 2017, the company grew by 7% to $330 million. And, come 2018, she finally landed a cover on Forbes as the 27th richest self-made female billionaire.
When 2019 came rolling along, though, and the COTY deal was made, Forbes reports that they had noticed discrepancies with the numbers that Kylie Cosmetics had been campaigning and the actual numbers in their books. A COTY presentation made prior to the deal shows that in 2018, the company raked in sales of $125 million, which begged the question: How could it have earned more than $300 million the year before?
Aside from the discrepancies regarding revenues, there is also the claim that Kylie owns only 44.1% of the company, according to the report—Kris Jenner allegedly owns a small chunk of it.
In a word, Forbes claims that Kylie Jenner had been lying about her net worth all this time.
The beauty mogul herself responded to these accusations through Twitter. She denies having ever lied about her wealth and says that there are more important matters she needs to attend to other than discussing how rich she is. "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. I’ve never asked for any title or tried to lie my way there EVER. Period," she tweeted. "I am blessed beyond my years. I have a beautiful daughter and a successful business, and I’m doing perfectly fine."
Hours ago, it was announced that COTY’s shares had in fact plummeted because of the Forbes report. Its shares dropped by 13%, according to Time.
Independent reached out both to Kylie’s camp and Forbes. A spokesperson from the latter said, “Today’s extensively-reported investigation was triggered by newly-filed documents that revealed glaring discrepancies between information privately supplied to journalists and information publicly supplied to shareholders. Our reporters spotted the inaccuracies and spent months uncovering the facts.”
Meanwhile, Kylie’s lawyer, Michael Kump, told People: “Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements. It is sad that, of all things, Forbes has devoted three reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth. We would not expect that from a supermarket tabloid, much less from Forbes.”
This story originally appeared on Preview.ph.
* Minor edits have been made by the Candymag.com editors
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There was this guy I dated for a while but things didn't turn out well. I was so into him that one night I can't stop thinking about him, I've decided to send his MOM a message on facebook confessing how much I like her son. I wish it ended there but no. I had to make it so emotional, lengthy and detailed like the drama queen I am. Luckily, it went to message request so I'm hoping she hasn't really read it yet. Up until this day it makes me cringe whenever I think about it but hey, whenever it pops in my mind I make myself laugh too so thank you self for being unbelievably shameless and brave when it comes to love. I may age faster because I have made a lot of cringe-worthy moments that I constantly make faces out of embarrassment just reflecting on my antics but I know I've made more hilarious memories than what ifs and somehow that makes the disappointments feel more like assurances that I have gave it my all and I have lived as honest (maybe a little to honest) as I could. #ItsOnlyNatural #CanBnatural
I've been investing in arts, photography, and writing. I've also got back to reading the other day and I finished reading this amazing book entitled 300 Things I Hope by Iain S. Thomas. It is all about the things the author hopes his readers to do in all aspects of life. So, I decided to make a version of it with all of the things I'm hoping for.
I hope I get to see my friends be successful in life. I hope to make a big mural someday. I hope to be a well-known artist like the artists I look up to. I hope to marry the person I am in love with today. I hope to be a little kinder to myself. I hope to see happiness even in the smallest things. I hope to travel the world. I hope to be a good mother and a wife to my future family. I hope to have my artworks displayed in a gallery or an exhibit. I hope to learn more about creative writing. I hope I won't learn how to get tired and give up my passion. I hope I won't get too hard on myself whenever I don't get the results I've been wanting to see in my works. I hope to love myself more even on the days I hate it the most. I hope to lead and empower women; to be their voice and for them to believe in themselves that they can be the woman they look up to. And when I've reached my limit of these things, I hope I won't get tired of reminding myself that my emotions don't make me weak, hence, makes me stronger. These are some of the things I always hope for. What about you? What are you hoping for?
I started fixing myself this quarantine. I mean, I started trying makeup products. As a teen, I'm on my phone almost every hour of the day, scroll on my social media accounts, especially Instagram, and also Pinterest where you get to see nice and pleasing photography by bunch of amazing and beautiful people from different parts of the world. So I started taking my own as well. I did not know that taking your own photo and try to get an Instagramable one is sooooooooo hard, it's exhausting. I do not have alot of space in my room, and I would definitely not do it outside our house because of Corona Virus, and I don't want to be seen by our neighbors HAHA so I have no choice but to make tiis inside my room.
Out of atleast 25 shots, only 2 are a nice picture. While I'm all sweaty and tired, I am proud of what I could do beyond my comfort zone. And this definitely built my self confidence, (and I secret love the compliments I received from both people I know and don't know) It's not my first time visiting in here, Candy! But I'm new to writing my thoughts and experiences, so bare with me HAHA.
Until next time!