After their review of documents from Coty, the conglomerate that purchased 51% of Kylie Cosmetics in November 2019, Forbes writes, “Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.”
The piece continues: “… the unusual lengths to which the Jenners have been willing to go—including inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged—reveals just how desperate some of the ultra-rich are to look even richer.”
Forbes does not claim that Jenner filed false tax returns with the government, only that she provided false information to Forbes to exaggerate her net worth.
Forbes Claims Jenner Is No Longer a Billionaire
Forbes reports new information revealed in public filings by Coty combined with the impact of coronavirus on consumer spending, including on cosmetics like Jenner’s brand, has led to the conclusion that Jenner “is not a billionaire.”
While detailing meetings that took place at Kris Jenner’s “palatial” Hidden Hills, California, estate, Forbes writes that they were shown tax returns claiming $307 million in revenue for 2016 and more than $110 million in personal income for Kylie Jenner. They continue, “… But the documents, despite looking authentic and bearing Kylie Jenner’s signature, weren’t exactly convincing since the story they told, of e-commerce brand Kylie Cosmetics growing from nothing to $300 million in sales in a single year, was hard to believe.”
Forbes says they spoke with a number of analysts and industry experts who “also found the Jenners’ claims implausible.”
After a lengthy analysis of the size of Jenner’s business, Forbes says what’s most “likely” is that the Jenners have lied about the size of Kylie Cosmetics since 2016, “including having their accountant draft tax returns with false numbers—to help juice Forbes’ estimates of Kylie’s earnings and net worth.”
Forbes admits that while they cannot prove the documents are fake, it’s “clear that Kylie’s camp has been lying.”
Kylie Reacts to Forbes’ Claims
On Friday morning, Kylie reacted to Forbes’ article on Twitter.
She wrote, “i thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i’ve never asked for any title or tried to lie my way there EVER. period.”
The 22-year-old continued, “… ‘even creating tax returns that were likely forged’ that’s your proof? so you just THOUGHT they were forged? like actually what am i reading.”
After making comments on the article, Jenner shifted the focus back to her family, writing, “but okay. i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine.”
She also tweeted that she can name a “list of 100 things more important right now…”
This post will be updated with more information as it becomes available.
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