More than a year after being criticized for calling Kylie Jenner the world’s “youngest self-made billionaire,” Forbes revoked the supermodel’s billionaire status and Jenner was not happy about the magazine’s latest report. On Friday, Forbes published a new report on Jenner’s 51% sale of Kylie Cosmetics to Coty in January, in a deal that valued the entire brand at $1.2 billion. The magazine alleged Jenner might have forged tax returns, a claim she lashed out at on Twitter.
“What am I even waking up to,” she tweeted. “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.” She later quoted the article, which reported that the Jenner family went to “unusual lengths” to show Jenner, 22, was a billionaire, “even creating tax returns that were likely forged.” In response, Jenner tweeted, “That’s your proof? So you just THOUGHT they were forged? Like actually what am I reading.”
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Jenner went on to shrug off the controversy, said she is “okay,” is “blessed beyond my years” and has a “beautiful daughter,” referring to Stormi Webster. In another tweet, she said she could “name a list of 100 things more important right now than fixating on how much money I have.” She told another fan the controversy was “literally the LAST thing I’m worried about right now.”
Back in March 2019, Jenner was on the cover of Forbes, with a headline declaring her the world’s “youngest self-made billionaire” due to the success of her Kylie Cosmetics lip kits. However on Friday, the magazine published a new report titled “Inside Kylie Jenner’s Web of Lies – and Why She’s No Longer a Billionaire.” After her sale of more than half of Kylie Cosmetics to Coty, a giant in the beauty industry, in January, as well as the impact of the coronavirus crisis on the industry, Forbes estimated that Jenner is no longer a billionaire. According to the magazine, documents from the sale revealed that Kylie Cosmetics might have been overvalued. For example, in the 12 months before the deal, Jenner’s total revenues were $177 million, lower than the public estimates. Coty said sales climbed only 40 percent from 2017 to 2018, so the business generated $125 million that year, far less than the $360 million the Jenner family told Forbes last year.
Forbes is still estimating Jenner’s personal fortune at just under $900 million. About $340 million of that comes from her earnings in post-tax cash she earned from the Coty sale. The rest comes from earnings based on her businesses’ now-smaller size and her 49 percent share of Kylie Cosmetcs. Since Coty agreed to take the controlling shares of Kylie Cosmetics, the company’s share price has dropped 60 percent, partly due to a slump in sales during the coronavirus pandemic.
