Forbes has removed reality TV start, Kylie Jenner its list of billionaires accusing the cosmetics mogul and brand influencer of inflating her success as well as the size of her business.
Forbes Friday said Jenner was not truthful about company figures and her organisation and also accused her of forging tax returns to attain the billionaire status, saying the family created a “web of lies.”
“It’s fair to say that everything the Kardashian-Jenner family does is oversized,” says Stephanie Wissink, an equity analyst covering consumer products at Jefferies.
According to Forbes, Kylie’s make-up business is smaller and less lucrative than the family makes the industry and media believe. The audited financial report of the business shows Kylie pocketed only $340 million after tax from sales. She is not a billionaire, it said.
Forbes had earlier valued Kylie’s cosmetic business at $1.2 billion.
Kylie has reacted to the Forbes report tweeting: “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’s attorney also released the following statement.
“We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth. 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.
“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.”