This Is How Kylie Jenner Faked Her Way Into Billionaire Status, According to Forbes
It looks like the KarJenner family can’t stay out of the limelight, even in the midst of quarantine. Recently, Kylie Jenner has been showcasing her immense wealth and her new resort-style $36.5 million home on Instagram. From Chanel tennis rackets to her collection of cars and expensive handbags, it’s clear that Jenner has a very plush bank account.
Back in 2018 Jenner appeared on the cover of Forbes magazine declaring that she was the youngest “self-made” billionaire at age 21, with her Kylie Cosmetics brand calculated to be worth some $900 million. Though there was some tension about the use of “self-made” there was no question about Jenner’s alleged net worth.
Now, Forbes has declared that Jenner and her mother, Kris Jenner painted a web of lies to fabricate her billionaire status, and now they’re revealing just how they did it.
Kylie Jenner is not a billionaire
According to Forbes, Jenner is no longer a billionaire. Last year, Jenner sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion dollars, it was seen as a watershed moment for the KarJenner clan who built their brand from a reality show.
However, Forbes is now saying that Jenner’s billionaire status has fallen amid the coronavirus pandemic and she may have never been one, to begin with. “Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets,” Forbes reported.
This is how Kylie Jenner faked her way into billionaire status
We’ve all know that the KarJenners have been obsessed with their image. Forbes is now reporting that they were invited into the family’s homes and CPA’s offices. They are accusing the KarJenners of creating forged tax returns to appear even wealthier than they are.
In fact, in 2016, Forbes claims that Jenner’s publicists began a campaign to get her a Forbes cover based on the success of her company. She was granted the cover, in 2018, despite skeptics. Then the Coty deal went through, naysayers went quiet
However, analysts felt that $600 million was way too much for Kylie Cosmetics. Digging into the financials that Coty presented, Forbes discovered that something was off. “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 writes. It seems that Jenner lied about the business’ financials from the beginning.
“You have to remember they are in the entertainment business,” cosmetics veteran Jeffrey Ten. “Everything in entertainment has to be exaggerated to get attention.”
If you recall, Jenner built her beauty business based on her lips. Which she has now confirmed after adamantly denying so, are pumped full of lip fillers. She and her mother used this moment to launch her $29 Lip Kits which sold out in minutes.
The KarJenners refuse to address this alleged web of lies
The impact of COVID-19 has also hurt Coty and Kylie Cosmetics overall with Coty’s shares falling more than 60%. Now Forbes has estimated Jenner’s net worth at $900 million.
No one from the KarJenner camp will comment on the disparities in numbers. “We asked the Jenners for input on our numbers,” Forbes writes. “But pressed for answers on the many discrepancies, the typically chatty family did something out of character: They stopped answering our questions.”