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Forbes declared her the youngest self-made billionaire in March 2019.
Estimating her makeup company is worth $900 million alone, the business magazine concluded that number combined with the profit she’d already earned from the company ranked her as a billionaire at the young age of 21. The outlet attributed the company’s huge profits to its big sales and low overhead. With only seven full-time and five part-time employees, the makeup business was able to keep operating costs low. Marketing expenses were also minimal considering one Instagram post from Kylie, 22, promoted a new product to hundreds of millions of potential customers.
According to Celebrity Net Worth, the Life of Kylie alum is worth $1 billion. After selling 51 percent of her company to Coty Inc. for $600 million, the estimated value of Kylie Cosmetics is now $1.2 billion. The site reports the beauty mogul earns between $40 million and $100 million each year from her various jobs and businesses.
Forbes is now contradicting its own claims.
In a new May 29 article, the outlet says the fine print of the deal with Coty reveals the beauty business is “significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.” The coronavirus pandemic is also believed to have taken a toll on both Kylie Cosmetics’ profits and its stock prices, bringing Kylie’s net worth down even further.
They also cited numbers from Coty, comparing them to numbers the Kardashian-Jenners gave Forbes. After reporting $177 million in sales for 2019, “Coty said that sales were up 40 percent from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe.” The magazine also claimed Kylie’s rep said Kylie Skin generated $100 million in revenue in a month and a half while Coty’s filings point to a number closer to $25 million in sales by the end of the year.
Kylie is denying Forbes’ reporting.
“What am I even waking up to?” the Keeping Up With the Kardashians star wrote on Twitter on May 29. “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.” Responding to claims she “likely forged” tax returns, she continued, “That’s your proof? So you just THOUGHT they were forged? Like, actually, what am I reading.”
“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.
