Kylie Jenner is no longer a billionaire - Forbes
- Forbes recently revealed that reality star and beauty mogul Kylie Jenner is not a billionaire
- According to reports, they accused the 22-year-old of inflating the size of her business and success
- This comes a year and a month after they named her a self-made billionaire
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
American reality star and beauty mogul, Kylie Jenner, has been stripped of her billionaire status by Forbes barely a year after she landed on the cover of the magazine as a self-made billionaire.
According to reports, Forbes who in 2019 had celebrated her as the youngest self-made billionaire two years running, believes the youngest of the Kardashian-Jenner clan, inflated the size of the business to reach that title.
Kylie sold 51 per cent of her Kylie Cosmetics to beauty giant, Coty in a deal valued at $1.2 billion (N464.4 billion) in January. However, Kylie, even after pocketing an estimated $340 million (N131.5 billion) after tax from the sale, is not a billionaire, according to Forbes.
PAY ATTENTION: Get the Latest Nigerian News on Legit.ng News App
Forbes claims that filings released by publicly traded Coty over the past six months reveal Kylie’s business is significantly smaller than people have been led to believe.
They write: "Revenues over a 12-month period preceding the deal: $177million (N68.4 billion) 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 (N48.3 billion) that year, nowhere near the $360 million (N139.2 billion) 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 (N48.3 billion) in sales."
PAY ATTENTION: Do you have news to share? Contact Legit.ng instantly
Forbes claims that their new calculations put Kylie's personal fortune at just under $900million (N348.1 billion)
Only recently, Kylie's brother-in-law Kanye West was declared a billionaire by Forbes.
This was made possible by the basketball shoes bearing his name that he developed with Adidas. The disclosure was made by Forbes on Friday, April 24, which said the 42-year-old rapper is now worth $1.3 billion.
Legit.ng gathers that Kanye's Yeezy footwear often sells for more than $200 a pair in the United States and elsewhere. According to Forbes, the rapper has been pressing the magazine to be listed as one of its billionaires but it declined for lack of proof.
Coronavirus: The govt has turned the pandemic to scamdemic | Legit TV
Source: Legit.ng
