Jenner, now 22, was named last year by Forbes as “The Youngest Self-Made Billionaire Ever.” Jenner had made millions from her company, Kylie Cosmetics, which she later sold a 51% stake to the beauty company Coty in a deal that valued her company at $1.2 billion.
But, Forbes’ Chase Peterson-Withorn and Madeline Berg reported this week that Jenner and her mother, Kris Jenner, inflated their wealth in documents they provided to the publication about Kylie’s personal wealth and her company’s revenue.
“It’s clear that Kylie’s camp has been lying,” Forbes reported.
Her wealth is likely closer to just under $900 million, according to Forbes’ estimate.
Business Insider has reached out to a representative for Kylie for comment on the report, but the Jenners declined to comment to Forbes about the matter. Coty did not immediately respond to a request for comment.
Among a list of discrepancies, Forbes said the Jenners had previously told them Kylie’s cosmetics company had $360 million in sales in 2018, but a Coty presentation showed revenues were actually closer to $125 million that year.
In addition to the adjusted estimates for Kylie Cosmetics’ revenues, Forbes accounted for the impact of the coronavirus pandemic on cosmetics companies, as Kylie still owns part of the company.
Kylie and Forbes had drawn scrutiny after she was named a “self-made” billionaire, as critics said she was born into wealth.
Business Insider