Daily US Times: Forbes magazine has struck entrepreneur and reality TV star Kylie Jenner from its list of billionaires and accused her family of inflating the value of her cosmetics business.
The magazine said the family went to “unusual lengths” to present its youngest member as richer than she was.
Kylie Jenner dismissed the article as “inaccurate statements and unproven assumptions lol”. She tweeted she thought ”this was a reputable site”.
She wrote: “I’ve never asked for any title or tried to lie my way there. I can name a list of 100 things more important right now than fixating on how much money I have.”
The move reverses the status Forbes conferred on Jenner in 2019, when it declared her a self-made billionaire.
Forbes’s description sparked controversy in that time, with critics scoffing at the “self-made” title and pointing to her upbringing as a Kardashian family reality TV star.
Forbes is known for its widely cited billionaire rankings. It credited Jenner’s status to the success of her cosmetics company, which she founded in 2015 and which includes Kylie Skin and Kylie Cosmetics.
Last year, Kylie Jenner announced she was selling a 51% stake in the company to beauty giant Coty for $600m. Forbes said the family’s accountant had provided it with tax returns that suggested the firm had done more than $300m in sales in 2016 and that publicists claimed sales of $330m the following year.
”When the youngest of the clan, Kylie Jenner, sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion this January, it was a watershed moment for the family”, Forbes wrote in its article titled ‘Inside Kylie Jenner’s Web Of Lies—And Why She’s No Longer A Billionaire’.
Forbes cited the information shared by Coty, which is publicly traded, showed Jenner’s firm is “significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe”.
Coty’s presentation to investors about the business suggested that in 2018, the firm did only $125m in sales.
“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?” Forbes asked.
Jenner is hardly hurting despite the magazine’s downgrade. Forbes said she pocketed $340m from the sale of her business and currently it estimates her net worth at “just under $900m”.