Well, here’s a Kardashian-Jenner scandal brewing in the business world: Forbes today published a lengthy article outlining all the ways in which Kylie Jenner has inflated her media and beauty world revenues. Forbes, who dubbed Jenner the youngest billionaire in the world for several years (including this year), now reports that Jenner is no longer a billionaire, especially after the coronavirus pandemic has affected consumer spending and inventory .
Forbes Jenner’s beauty firm Kylie Cosmetics “is significantly smaller and less profitable than the family has spent years making the cosmetics industry and the media believe” after examining the filings of Coty’s, the company public beauty to which Jenner sold 51% of Kylie Cosmetics.
The outlet also said that the Kardashian-Jenners went to great lengths to convince people of their wealth. He reports that the family invited the store “to their homes and CPA offices, and even created tax returns that were probably forged.”
The newspaper explains in detail why the figures that the Kardashian-Jenner family gave for Kylie Cosmetics were questionable, especially after comparing them to the figures following the acquisition of Coty. You can see this breakdown here.
Forbes reports that with this new information and the COVID-19 climate, Jenner’s net worth is now, according to their calculations, “just under $ 900 million”.
“More than a third of that is estimated to be $ 340 million in after-tax cash she would have pocketed by selling the majority of her business,” explained the point of sale for her calculation. “The rest is made up of revised profits based on the smaller size of his business and a more conservative estimate of profitability, plus the value of his remaining share of Kylie Cosmetics – which is not only smaller than the Jenners led us to believe. , but that is also worth less now than it was when the deal was announced in November, given the economic effects of the coronavirus. “
The Kardashian-Jenners have yet to publish a public response to the article, but it’s only a matter of time.
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