“Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash-outs of all time (to Coty). But the deal’s fine print reveals that she has been inflating the size and success of her business for years,” a Forbes article read.
The magazine claimed Jenner sold 51 per cent of her Kylie Cosmetics company to beauty giant Coty in a deal valued at $US1.2 billion in January.
But documents released by Coty over the past six months show her business is “significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe,” it said.
“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 $US340 million after taxes from the sale, is not a billionaire,” it declared.
It now estimates that Jenner’s personal fortune is just under $US900 million.