KYLIE JENNER IS NOT THE WORLD’S YOUNGEST BILLIONAIRE, SAYS FORBES
Forbes magazine which crowned Kylie Jenner the world’s youngest billionaire in March, 2019 is reporting now (or should we say re-reporting) that the 22-year-old TV star, Beauty Entrepreneur and mogulette is no longer qualified for the title.
According to the magazine, Kylie Jenner inflated the net worth of Kylie Cosmetics and ‘deceived’ the media to believe that it is actually worth that much.
Forbes also reports that documents released by publicly-traded Coty (a company that acquired 51% of Kylie Cosmetics with $1.2 billion this January) over the past six months shows that “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.”
Well, this is not a good image for the cosmetics line. No doubt, lies and false claims rule the celebrity world all in the name of PR and publicity (even the business world is fast catching the bug) but Forbes definitely should have dug dip before announcing to us ‘the youngest billionaire’. This is also not a good image of the publishing company.
Forbes went on to say, “When we visited Kylie Jenner in 2018, she had managed to convince us and the rest of the world that her cosmetics company was doing more than $300 million in annual revenue. In reality? It only did $125 million that year.”
Featured photo credit: Allen Berezovsky/Getty Images