No longer 'self-made billionaire': Kylie Jenner is off the Forbes list

No longer 'self-made billionaire': Kylie Jenner is off the Forbes list

Forbes claims that her family inflated the value of the reality star's cosmetics business.

FILE PHOTO: 92nd Academy Awards - Vanity Fair - Beverly Hills
Kylie Jenner attends the Vanity Fair Oscar party in Beverly Hills during the 92nd Academy Awards, in Los Angeles, California, US, Feb 9, 2020. (Photo: Reuters/Danny Moloshok)

Looks like reality star and entrepreneur Kylie Jenner, 23, is off Forbes’ list of billionaires. According to Forbes, her family went to “unusual lengths” to present her as richer than she really is.

However, the youngest member of the Kardashian-Jenner family said in a tweet that the article contained “inaccurate statements and unproven assumptions”. “i’ve never asked for any title or tried to life my way there EVER. period"

Forbes’ decision reverses the “self-made billionaire” status conferred on Jenner in 2019.

The title was based on the success of Jenner’s cosmetics company, which includes Kylie Cosmetics and Kylie Sin. Last year, she announced selling a 51 per cent stake in the company of beauty giant Coty for US$600 million (S$848 million).

According to information from Coty, which is publicly traded, Jenner’s company did only US$125 million in sales in 2018.

However, the family’s accountant provided Forbes with tax returns that suggested the company had achieved more than US$300 million in sales in 2016, and US$330 million the following year.

"If Kylie Cosmetics did US$125 million in sales in 2018, how could it have done US$307 million in 2016 or US$330 million in 2017?" Forbes asked in the article.

Not that Jenner’s bank account is hurting. She reportedly pocketed US$340 million from selling her business, and her current net worth is estimated at “just under US$900 million”, according to Forbes.

Source: CNA/bk

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