Forbes magazine has just released a new article completely slamming Kylie Jenner’s previous claims of her billionaire status—-and even go so far as to say that she flat-out lied about her finances. In an absolutely scathing article, Forbes dissects Kylie’s cosmetics empire and uncovers that the number to secure her the “self-made billionaire” title were not accurate.
For the last few years, the Jenners (as well as the cosmetics industry) have boasted about Kylie Jenner being the youngest self-made billionaire ever at 21-years-old—well Forbes, the magazine that initially gave Kylie the title and put her on the cover, has apparently done some digging and it appears that Kylie’s finances are questionable to say the least.
In the article it states, “It’s fair to say that everything the Kardashian-Jenner family does is oversized,” says Stephanie Wissink, an equity analyst covering consumer products at Jefferies. “To stay on-brand, it needs to be bigger than it is.” Based on this new information—plus the impact of COVID-19 on beauty stocks and consumer spending—Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire…It’s clear that Kylie’s camp has been lying.”
The new receipts don’t end there. Forbes also says Kylie Cosmetics claimed it had $360 million in sales back in 2018 when the amount was actually only $125 million. There are also claims of forgery of tax returns and questionable accounting practices. Kylie’s skincare line, which launched in May 2019, was initially reported to have generated $100 million in revenue in its first month and a half. However, filings show the line was actually “on track” to finish the year with just $25 million in sales.
“I think everybody was surprised,” says Wissink, the Jefferies analyst, who was on the call. “The negative that came out of that announcement was that the business was a lot smaller than everybody had expected.”
This led Forbes to questions all of the other estimated revenue of Kylie Cosmetics since it launched. The magazine says “that there’s virtually no way the numbers the Jenners were peddling in earlier years could be true either. If Kylie Cosmetics did $125 million in sales in 2018, how could it have done $307 million in 2016 (as the company’s supposed tax returns state) or $330 million in 2017?”
Source: TSR
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