Kylie Jenner responds as Forbes claims she is not a billionaire

‘Kylie’s business is significantly smaller, and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe’
FILE PHOTO: Metropolitan Museum of Art Costume Institute Gala - Met Gala - Camp: Notes on Fashion- Arrivals - New York City, U.S. – May 6, 2019 -Kylie Jenner
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Marissa Desantis29 May 2020

Kylie Jenner’s title as the world’s “youngest self-made billionaire” is being called into question. And the company that gave her the title in the first place, Forbes, is breaking the story.

According to a new report by Forbes, Kylie, 22, “has been inflating the size and success of her business for years.”

But they claim it is not just Kylie who has inflated her net worth. Forbes compared her to Donald Trump, and alleged that the family has even presented tax returns that “were likely forged” to convince the publication (and others) of their wealth.

Kylie Jenner launches Kylie Cosmetics at Ulta Beauty in 2018
Getty Images

Kylie took to Twitter shortly after the story broke to refute Forbes' claims. "What am I even waking up to?" she began. "I thought this was a reputable site.. all I see are a number of inaccurate statements and unproven assumptions lol," she continued. "I've never asked for any title or tried to lie my way there EVER. period," Kylie claimed.

Kylie also addressed Forbes' accusations of forged taxes, tweeting, "That's your proof? So you just THOUGHT they were forged?”

Kylie launched her business, Kylie Cosmetics, in 2015 with a line of 15,000 ‘Lip Kits’ that instantly sold out. In 2016, Jenner publicists allegedly tried to convince Forbes that Kylie Cosmetics had brought in over $400 million in the first 18 months, with Kylie earning $250 million.

Tax returns presented by the family’s accountant showed a personal income of $110 million for the reality TV star, but when a hesitant Forbes failed to put her at the number two spot on their Celebrity 100 list that year, Kylie's team took their story to other publications that printed their numbers as truth.

In 2017, the Jenners reported Kylie’s revenues had reached $330 million, and she subsequently appeared on the August 2018 cover of Forbes magazine, ranking number 27 on their list of the richest self-made women. It was 2019 that Kylie was declared a billionaire, largely thanks to her deal with Coty. The global beauty company had reportedly purchased 51% of Kylie Cosmetics for $600 million.

Forbes Magazine

However, that’s when more questions started coming in. According to Forbes, Coty’s presentation of Kylie’s income was vastly different from what had previously been reported. Coty reported that Kylie Cosmetics sales for 2018 had been $125 million, which was “nowhere near the $360 million the Jenners had led Forbes to believe.”

Similarly, Forbes alleged that Kylie’s skincare line has reported false revenues as well, claiming to have earned $100 million in its first month when filings showed it was expected to earn just $25 million in sales at the end of the year.

While some industry experts pointed that those numbers could mean Kylie’s sales had just drastically declined, Forbes argued, “The business was never that big to begin with, and the Jenners have lied about it every year since 2016 - including having their accountant draft tax returns with false numbers - to help juice Forbes’ estimates of Kylie’s earnings and net worth.”

SplashNews.com

“While we can’t prove that those documents were fake (though it’s likely),” Forbes wrote, “It’s clear that Kylie’s camp has been lying.”

So just how much is Kylie and her Kylie Cosmetics worth? “A more realistic accounting of her personal fortune puts it at just under $900 million,” Forbes wrote, adding that requests to the Jenners for comment on these numbers went unanswered.

Insider has reached out to Kylie Jenner's rep for comment.

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