The Kardashian-Jenners have been involved in some drama (no surprise there), and this time it concerns the value of Kylie Cosmetics. In March 2019, Forbes confirmed that 21-year-old beauty mogul Kylie Jenner was “The Youngest Self Made Billionaire Ever” …but that may not be the case.
In January 2020, Kylie sold 51% of Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion. But filings released by Coty, a publicly-traded company, over the past six months revealed that Kylie’s business is significantly smaller, and less profitable than the Kardashian-Jenners have lead people to believe.
The Jenners told the media that Kylie Cosmetics did:
- $307M in 2016 sales
- $330M in 2017 sales
- $360M in 2018 sales
The Coty presentation revealed that Kylie Cosmetics did:
- $125M in 2018 sales
- $177M in 2019 sales
Forbes published a second article accusing Kylie of lying about her earnings for years and backing up those numbers with falsified tax returns. The magazine ran the numbers (again) and concluded that Kylie is in fact not a billionaire.