Critics don't need to be too forceful to provide their opinion to decline Kylie Jenner as a Billionaire. Forbes has come out to declare they were deceived, not with technicality but with the numbers, by the Jenners.
It's not just because the CoronaVirus pandemic has affected the economy that the value of Kylie Jenner's Net Wort has fallen below the billionaire line. In fact, the whole Jenner Family seems to have actually come up with a whole bunch of lies to get Forbes to report her as a billionaire, just because Kris Jenner was "so frustrated" that they didn't mention the amount they gave to them as her daughter's earnings in their 2017 Celebrity 100 list.
The family had said Kylie Cosmetics grew from nothing to $300 million in a year, all of the earnings gone to the youngest Jenner's pocket, and Forbes reported a more conservative $41 million. Of course, it wouldn't have been believable otherwise.
Forbes was prompted to ready Kylie as a billionaire in July 2018 with a cover feature for her ranking No. 27 on their richest self-made women list, well on her way to become the youngest self-made billionaire. Or so they thought. The reality was that the whole thing about the company's earnings was hyped up in the media, started presumably with a story on WWD, and the internet world that they had to bow down to the family's claim of the unusual yearly earnings. But there were several critics too, only if you went to Reddit threads and really covert discussion pages. Celebrity Net Worth bowed to the numbers as well, despite initially claiming she was not a billionaire. They were right!
In the recently released article by Forbes, they deduced everything they apparently missed in their earlier calculations and recalculated her net worth to just below $900 million even after the Coty deal insinuates her being a billionaire. Despite outselling each of her products the day they release, the numbers they showed were astronomical and quite unusual.
But the deal with Coty and their sales-numbers prompted Forbes to look into things. Everything was very out of place. It was weird Kylie Cosmetics earned only $125 million in sales in 2018 and the sales were valued at $307 million in 2016 & $330 million in 2017. And they still insisted it was improving? Forbes deduced the company was not as big as they'd claimed it to be in the first place.
Coty thus seemed to have bought a failing company for a bigger price than it needed to pay because of the conflict in the numbers they presented and the percentage they claimed the sales had increased by since 2018. The sales of Kylie Cosmetics' skin-care line in May 2019 to be $100 million in a month and a half was way off than the filings showed at the end of the year. It was projected to be only $25 million by 2020.
Due to the economic crisis right now, Coty's share price has gone down by 60% since the deal was struck. And an apparent lie in Kylie Jenner's alleged trust-fund caused Forbes to recalculate her share of the Kylie Cosmetics to be 44.1% rather than 49%. The fund seemed to have formed after she turned 18, rather than being form for when she turned 18, as her mother claimed.
With that share percentage, Forbes has dwindled down her net worth to just below $900 million, still not too less than it might've been when considering the downfall of the share market right now. With these conclusions, when Forbes continued asking questions into their numbers, they stopped answering them altogether. Silence is a way to say yes is more often apparent than ever right now for the "typically chatty family".
Keep tuning in to Celeb$fortune for more updates.
