Furious Kylie Jenner insists she did NOT spin a ‘web of lies’ or forge tax documents after Forbes’ bombshell claims she faked her way to billionaire status
- Kylie Jenner has reacted after Forbes published a report on Friday accusing the Jenners of a ‘web of lies’ surrounding her financials
- Public disclosures from Coty reveal Kylie Cosmetics’ true revenue and profits
- Kylie sold 51 per cent of the company to Coty in a deal valued at $1.2 billion
- Forbes now think that Kylie, even after pocketing an estimated $340 million after tax from the sale, has a personal fortune at just under $900 million
- Magazine says Kylie Cosmetics’ financials had been vastly overstated
- Kanye West was unhappy when he appeared on the cover of Forbes in April as they claimed he is worth $1.26 billion, but he says the figure is $3.3billion
Kylie Jenner has slammed Forbes after it published a bombshell report on Friday accusing the Jenner family of inflating figures and ‘forging’ tax returns for the makeup mogul’s cosmetics company.
It appears the 22-year-old reality star was taken by surprise at the article, which claims Kylie Cosmetics is not doing as well as the Jenners want people to think – and that the Lip Kit creator is not actually a billionaire.
Forbes named Kylie the world’s youngest self-made billionaire in 2019 and again in 2020.
‘what am i even waking up to. 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’ Kylie wrote in her first tweet.
Kylie Jenner has hit back at Forbes after it published a report on Friday claiming that the Jenners and their PR team inflated figures for Kylie Costmetics and created a ‘web of lies’ so she could be crowned the youngest billionaire
She followed up with a quote from the Forbes report that accused the Jenners and their accountant of producing false tax returns.
‘“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.’ Kylie tweeted incredulously.
She followed up with another post focusing on the positive, ‘but okay i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine.’
In a detailed report based on public financial disclosures, Forbes on Friday accused the family of creating a ‘web of lies’ and says Kylie has inflated the size of her business and success.
‘Inaccurate statements’: On Friday morning Kylie appeared shocked to see the article published by Forbes
Kylie is not a billionaire, Forbes claimed on Friday. They accused the ‘self-made’ makeup mogul, 22, of spinning ‘a web of lies’ about company figures and ‘forging tax returns’
The publication accuses her of ‘lying about company figures and forging tax returns’ to be dubbed a billionaire.
Based on filings from beauty giant Coty, which acquired a 51 percent stake of Kylie’s makeup company in January at a valuation of $1.2 billion, Kylie Cosmetics generated revenues and profits that were far lower that the figures touted for years by the Jenner-Kardashian clan.
These shock claims come after Forbes put Kylie on the cover and hailed her the youngest self-made billionaire ever two years running.
Forbes explained that it had been shown 2016 tax returns indicating revenue far higher than the numbers revealed by Coty’s filing, and that there were only two explanations: Kylie Cosmetics’ sales had utterly collapsed in the two years before the acquisition, or the tax returns were fabricated.
Not worried: Kylie reacted to a tweet that questioned why she cared about it with so much going on in the news
Another fan asked her to use her platform to speak out about George Floyd, the man who was killed by a police officer in Minnesota this week
Forbes now think that Kylie, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire.
The magazine claims that filings released by publicly traded Coty over the past six months reveal Kylie’s business is significantly smaller than people have been led to believe.
They write: ‘Revenues over a 12-month period preceding the deal: $177million according to the Coty presentation, far lower than the published estimates at the time.
‘More problematic, Coty said that sales were up 40% from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe.
Mom time: Kylie proved she’s too busy to care as she spent time with her daughter Stormi, two, on Friday
‘Kylie’s skincare line, which launched in May 2019, did $100 million in revenues in its first month and a half, Kylie’s reps told us. The filings show the line was actually “on track” to finish the year with just $25 million in sales.’
They add that there’s no way the numbers the Jenners were offering in earlier years could be true.
If Kylie Cosmetics did $125 million in sales in 2018, how could it have done $307 million in 2016 as their supposed tax returns state or $330 million in 2017?
Forbes claim that their new calculations put Kylie’s personal fortune at just under $900million.
MailOnline has contacted a spokesperson for Kylie Jenner for comment.
Kylie’s lawyer Michael Kump told TMZ: ‘We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth.
Impressive: In 2019, Kylie was hailed as the ‘youngest ‘self-made’ billionaire for the second year in a row (pictured on the 2018 cover)
‘I can’t believe it’: Kylie shared a picture of the cover and wrote this post back in 2018
‘The article is filled with outright lies. Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements.’
He added, ‘It is sad that, of all things, Forbes has devoted 3 reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth. We would not expect that from a supermarket tabloid, much less from Forbes.’
In 2019, the star unseated Facebook’s Mark Zuckerberg, then 35, as the youngest-ever self-made billionaire – he was 23 when he made his first billion 11 years ago in 2008.
Forbes has addressed the controversy that surrounds the title ‘self-made’ as last year, people were up in arms that Kylie came from an already privileged background.
They penned: ‘ Yes, self-made (despite a lot of help from her famous family, she didn’t inherit her business—she built it). And yes, billionaire (she’s worth $1 billion).’
The site also claimed that money from Kylie’s Coty sale meant she was one of just 2,095 people in the world with a a fortune of ten digits.
Defense: At the time, Forbes addressed the controversy that surrounds the title ‘self-made’ as people were up in arms that Kylie came from an already privileged background (pictured in February)
Kylie previously told Forbes: ‘I didn’t expect anything. I did not foresee the future. But [the recognition] feels really good. That’s a nice pat on the back.’
Jenner, who is the youngest and richest of the entire Kardashian-Jenner family, started her make up line in 2015 by selling $29 lipstick kits.
The kits sold out within minutes of launching – an early sign of the power of her now 270 million-plus social media following.
Jenner’s products were only sold online when it was first launched but in 2018, the brand struck a deal to sell its goods in 1,100 Ulta Beauty stores across the U.S.
She expanded her empire earlier this year with Kylie Skin – a line of moisturizers, under eye creams and facial scrubs.
Incredible: Jenner, the youngest sibling of the Kardashian family, started her make up line with lipstick kits in 2015. Kylie Cosmetics signed a deal with Ulta Beauty Inc to put her products in all of the retailer’s 1,163 U.S. stores (above)
Jenner brought in sales of an estimated $360 million in 2018.
Forbes itself put Kylie on the cover in March 2019, hailing her as the youngest ever self-made billionaire.
The move appeared to anger her brother-in-law Kanye West, whom Forbes did not declare a billionaire until April of this year.
The magazine reported that West ‘reacted with hurt and venom’ after he was not included in its billionaires list earlier this year.
‘You know what you’re doing,’ he texted a Forbes reporter. ‘You’re toying with me and I’m not finna lye [sic] down and take it anymore in Jesus name.’
After he was finally added to the list, West disputed Forbes’ evaluation of his net worth at $1.26 billion.
All change: Coty, which has been struggling with falling sales, saw a share increase of 5 percent following the Jenner announcement last year
Credit due: In April, the publication valued Kylie’s brother-in-law Kanye West’s assets at around $1.26 billion – the rapper had claimed that the figure was around $3 billion
‘It’s not a billion,’ West texted the magazine. ‘It’s $3.3 billion since no one at Forbes knows how to count.’
Forbes relies on a team of researchers as well as public and private financial documents to arrive at its estimates of net worth for the world’s richest people, rather than taking their claims at face value.
Per the report, West’s team provided statements that showed the rapper has $17 million in cash, $35 million in stocks, $81 million in ‘buildings and improvements’ and $21 million in land.
Adidas Yeezy, the fashion collaboration between the rapper and the German sportswear brand, has a revenue worth of around $1.3 billion – making West around $140 million from sales just last year.
Iconic: In 2016, Kim Kardashian appeared on the cover of Forbes and was listed at no. 42 on their ‘ 100 highest paid celebrities after netting $51 million the year before – she now has a net worth of $370million
The article suggests West has been eager to prove his financial status for some time, noting that he had previously claimed to be a billionaire during an appearance at the 2019 Fast Company Innovation Festival.
‘When I did Forbes, I showed them a $890 million receipt and they still didn’t say ‘billionaire,” dad-of-four Kanye told the audience.
In 2016, Kim Kardashian (Kylie’s half-sister and Kanye’s wife) appeared on the cover of Forbes and was listed at no. 42 on their ‘ 100 highest paid celebrities after netting $51 million the year before.
Kim couldn’t contain her excitement as she shared the Forbes image on Instagram on Monday and wrote: ‘Such a tremendous honor to be on the cover of @forbes!
‘I never dreamed this would happen and know my Dad would be so proud. #NotBadForAGirlWithNoTalent’
Kim now has a net worth of $370million.
Kylie’s millions: How does $600m payday compare to the rest of the Kardashian family?
She’s just sold 51% of her make-up company, banking an incredible $600million.
So how does Kylie Jenner’s huge payday compare to the rest of the Kardashian family?
Kylie Jenner; Estimated net worth £900 million
Like all her sisters, Kylie, 22, makes money from the family reality show, modelling gigs, and endorsements. However this is dwarfed by her makeup company, which started out as a single batch of 15,000 $29 lip kits which she self-funded and sold online to her Instagram followers in 2015.
She has sold a controlling stake of her brand CoverGirl owner Coty for $600million, making her officially the richest Kardashian
Self made: Kylie Jenner, seen promoting Kylie Cosmetics, is now said to be worth $900m
Kim Kardashian; Estimated net worth – $370million
The first member of the Kardashian family to find stardom was Kylie’s big sister Kim, 39.
After a couple of years lurking on the sidelines of fame as Paris Hilton’s friend and sometime stylist, she was catapulted into the public eye when an intimate sex tape was leaked in 2007. While Kim was by her own account ‘devastated’, her mother Kris Jenner saw an opportunity and took over, guiding Kim to win a $5million payout via a lawsuit against the company, and signing up the newly notorious family for their own reality show.
This year Kim’s net worth is estimated at $370million by Forbes, which put her at number 26 on the magazine’s 2019 list of America’s Highest-Paid Celebrities. The mother-of-four’s money mostly comes from her share of the Keeping Up With The Kardashians show pay check and her KKW makeup line, which produced $100million in revenue just last year. She has also made millions from her computer game, Kim Kardashian: Hollywood.
She supplements this income with endorsements, recently confirming she gets offered up to $1million for a single sponsored Instagram post.
She said she turned down that particular offer because her husband Kanye West didn’t like the ‘fast fashion’ company because ‘they would knock off Yeezy all the time.’
Her rapper husband has called himself a billionaire, and according to Forbes Kanye earned $150million over the past year, putting him at number three on the magazine’s World’s Highest-Paid Entertainers 2019 list.
Sister act: Kylie’s big sister Kourtney, Kim and Khloe promite their KKW fragrance Diamonds together
Kris Jenner; Estimated net worth – $90million
When her daughter’s sex tape with ex Ray Jay hit the internet, Kris Jenner took control, negotiating so well that the reality star continues to make money from royalties today.
Indeed it is all thanks to Kris that fleeting infamy became something more. Shortly after the sex tape leaked she signed up the entire family for their eponymous reality show, which premiered that same year. KUWTK is currently in its 17th season, and she remains the executive producer.
She also operates as the family momager – a nickname she likes so much she trademarked it – taking a percentage cut of her children’s earnings whenever she negotiates their deals.
While at 30million her social media presence is a fraction of her daughters, Kris also occasionally scores endorsement deals of her own, including a Fendi campaign with Kim and her daughter, North West.
According to the website CelebrityNetWorth she is worth around $90million, however if she negotiated Kylie’s Coty deal, it will mean a huge payday.
Khloe Kardashian; Estimated net worth $40million
Along with the family reality show, and endorsement deals, Khloe has her own clothing line, Good America, which is sold in department stores and online.
Kourtney Kardashian; Estimated net worth $35million
The bulk of Kourtney’s income comes from the family reality show, and endorsement deals. She is currently promoting her Diamond fragrance line with sisters Kim and Khloe.
The mother-of-three’s net worth is estimated at $35million, according to Money.
Caitlyn Jenner; Estimated net worth $100million
Famous first as an Olympian, Caitlyn for years received a pay check for appearing on KUWTK.
Since divorcing Kris Jenner, she has left the money-spinning show, and come out as a trans woman. She paid her bills with her own spinoff chronicling her life as a trans woman, and released a tell-all autobiography.
She currently stars on the British reality show I’m A Celebrity Get Me Out Of Here for which she is being paid $648,000, according to The Sun newspaper.
Her net worth is estimated at $100million.
TV role: Caitlyn Jenner is currently appearing on British reality show I’m A Celebrity
Kendall Jenner; Estimated net worth $30million
Like her sisters Kendall cuts a paycheck from Keeping Up With The Kardashians.
However she combines this role with life as a high fashion model.
Last year she was the world’s highest-paid model for the second year in a row, according to Forbes, making $22.5million in 2018 alone. Money estimates her worth at $30million.
High fashion: Kendall Jenner walks the runway in Rome last month
Rob Kardashian; Estimated net worth $10million
It will come as no surprise that Rob is the least wealthy of his siblings. Still, with an estimated net worth of $10million, the single dad is still a wealthy man.
Rob made his money by appearing on Keeping Up With The Kardashians and his short lived spinoff show. He stepped back from KUWTK last year, now making only occasional appearances for which he is thought to be paid $50,000 an episode. He also has a sock company, Arthur George.
Source: Read Full Article