Forbes claims that Kylie Jenner isn’t a billionaire — and that Kylie Cosmetics isn’t worth what the Jenner family previously claimed
In March 2019, reality TV star and beauty mogul Kylie Jenner made the cover of Forbes and was given the title of youngest “self-made” billionaire. Now, a little more than one year later, Forbes is taking the title back, alleging that Jenner is not actually a billionaire. According to Forbes, Jenner has been “inflating the size and success of her business.”
Forbes re-examined documents, including tax filings, that proved to be inconsistent with the recent financial report released by Coty Inc., the beauty company that bought Kylie Cosmetics for $600 million in November 2019. One of the major inconsistencies was that the Jenners told Forbes Kylie Cosmetics made $360 million in sales in 2018. But when Coty reported on earnings for the following year, they claimed that revenue had increased by 40 percent, totaling to $177 million. If business had grown, why did Coty report a much smaller number than $360 million?
“Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe,” Forbes reports. Based on the new information they looked into as well as COVID-19’s impact on beauty sales, Forbes “now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire.” They added that, after recalculating, it appears that Jenner’s net worth is “just under $900 million.”
Shortly after the Forbes article was published, Jenner took to Twitter to respond. She ultimately denied lying about her finances and questioned Forbes‘ journalistic integrity. “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,” she wrote. “I’ve never asked for any title or tried to lie my way there EVER. Period.”
Her tone eventually changed, as she pivoted to counting her blessings such as her daughter, Stormi, and her successful business. “I’m doing perfectly fine,” Jenner wrote.
Jenner continued to say that Forbes‘ re-evaluation of her worth based on alleged falsification of finances wasn’t worth her time.
The Jenners aren’t the only ones who are facing scrutiny right now. Forbes readers are questioning why the outlet didn’t properly report on Kylie’s beauty business empire in the first place. “So basically what you’re saying is that you put her on the cover twice and claimed billionaire status without doing your due diligence?” one Twitter user asked.
“If I tell y’all I’m a billionaire, can I be in the cover and get an article, too?” another Twitter user joked.
Forbes reports that the Jenners have stopped answering their questions, and neither Kris Jenner nor the family’s official PR team have yet to respond.