Forbes recently revoked Kylie’s billionaire status while accusing her of “lying about company figures and forging tax returns.”
According to Forbes, her beauty company “is significantly smaller, and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe”.
Forbes added that contrary to the lies that her company sales were up 40% from 2018 and she made $360 million, Kylie made nothing more than $125 million that year.
A recent report read, “More than a third of that is the estimated $340 million in post-tax cash she would have pocketed from selling a majority of her company.
“The rest is made up of revised earnings based on her business’s smaller size and a more conservative estimate of its profitability, plus the value of her remaining share of Kylie Cosmetics—which is not only smaller than the Jenners led us to believe, but is also worth less now than it was when the deal was announced in November, given the economic effects of the coronavirus.
“Revenues over a 12-month period preceding the deal: $177million 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.”