Forbes: Kylie Jenner is Not a Billionaire and Has Presented False Information

Lifestyle | May 30, 2020, Saturday // 01:03| Views: | Comments: 0
Bulgaria: Forbes: Kylie Jenner is Not a Billionaire and Has Presented False Information Facebook

Forbes magazine has struck reality TV star and entrepreneur Kylie Jenner from its list of billionaires, and accused her family of inflating the value of her cosmetics business.

Forbes said the family went to "unusual lengths" to present its youngest member as richer than she was.

In tweets, Jenner dismissed the article as "inaccurate statements and unproven assumptions lol".

"I've never asked for any title or tried to lie my way there," she wrote.

"I can name a list of 100 things more important right now than fixating on how much money I have," she added.

The move reverses the status Forbes conferred on Jenner in 2019, when it declared her a self-made billionaire.

The description sparked controversy, with critics scoffing at the "self-made" title and pointing to her upbringing as a Kardashian family reality TV star.

Forbes, which is known for its widely cited billionaire rankings, credited Jenner's status to the success of her cosmetics company, which she founded in 2015 and which includes Kylie Cosmetics and Kylie Skin.

Jenner last year announced she was selling a 51% stake in the company to beauty giant Coty for 0m.

Forbes said the family's accountant had provided it with tax returns that suggested the firm had done more than 0m in sales in 2016 and that publicists claimed sales of 0m the following year.

But 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", Forbes said.

Coty's presentation to investors about the business suggested the firm did only 5m in sales in 2018.

"If Kylie Cosmetics did 5 million in sales in 2018, how could it have done 7 million in 2016 (as the company's supposed tax returns state) or 0 million in 2017?" Forbes asked in the article.

Despite the magazine's downgrade, Jenner is hardly hurting.

Forbes said she pocketed 0m from the sale of her business. It now estimates her net worth at "just under 0m".

Forbes writers have previously accused other would-be billionaires of inflating their riches, including US Commerce Secretary Wilbur Ross and President Donald Trump./bbc.com

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Lifestyle » Be a reporter: Write and send your article
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria