Kylie Jenner No Longer A Billionaire
Kylie Jenner shocked the world in 2019 when Forbes Magazine listed her as a billionaire for her rise to business success with her cosmetics company. The title sparked controversy, with critics scoffing at the "self-made" title and pointing to her upbringing as a Kardashian family reality TV star.
Forbes, which is known for its widely cited billionaire rankings, credited Jenner's status to the success of her cosmetics company, which she founded in 2015 and which includes Kylie Cosmetics and Kylie Skin.
Jenner announced last year that she was selling a 51% stake in the company to beauty giant Coty for $600m. According to Forbes, the family's accountant had provided them with tax returns that indicated Kylie’s firm had done more than $300 million in sales in 2016, publicists claimed sales of $330 million the following year.
The information shared by Coty, a publicly traded company, indicated that Kylie Jenner’s firm is significantly smaller and less profitable than it had led the cosmetics industry and media outlets to believe. Representation from Coty suggested Jenner’s firm only did $125 million in sales in 2018.
Forbes said she pocketed $340 million from the sale of her business. This news reverses the status Forbes conferred on Jenner in 2019, when it declared her a self-made billionaire. Forbes now estimates her net worth is “just under $900 million.”
Any major success takes careful planning and concentrated effort. You can’t knock the Jenner & Kardashian family hustle.