THE WHAT? Forbes has crossed Kylie Jenner off its list of self-made billionaires after financial data filed by Coty revealed Jenner’s brand to be ‘significantly smaller, and less profitable’ than the industry and media had been led to believe.
THE DETAILS Coty purchased a 51 percent stake in Kylie Cosmetics for US$600 million at the end of last year. Jenner has denied the magazine’s accusation that she exaggerated her wealth in tax documents – via her preferred social media channels, of course – although her lawyer also released a statement demanding that Forbes retract its accusations.
THE WHY? As a result of a review of financial data, the magazine has downgraded Jenner’s estimated worth to US$900 million, of which the majority is represented by the sum paid over by Coty.