Entertainment Kylie Jenner feuding with Forbes after claims she ‘lied’ about fortune

Kylie Jenner feuding with Forbes after claims she ‘lied’ about fortune

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Whether you’re prepared to admit it or not, Kylie Jenner is one of the most successful beauty moguls and influencers in the world. 

After her brand Kylie Cosmetics exploded in late 2015, it didn’t seem implausible that Forbes could christen her the youngest self-made billionaire.

But now, the youngest member of the Kardashian-Jenner money machine is locked in a battle with the same magazine that gave her the honourable title, leading to the poignant question: Is she a billionaire after all?

The reality star hit back at an article published by Forbes that claimed she had intentionally inflated the perceived wealth of her company to fool the public.

Jenner, 22, used Twitter to call out the article and questioned the magazine’s credibility.

“I thought this was a reputable site … all I see are a number of inaccurate statements and unproven assumptions,” she tweeted.

“I have never asked for any title or tried to lie my way there EVER.”

The article – Inside Kylie Jenner’s web of lies and why she’s no longer a billionaire – claimed that Jenner and her famous family had gone to “unusual lengths”, including falsifying tax records, to hype up her empire.

“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,”  the magazine wrote.

Forbes now thinks that Kylie Jenner, even after pocketing an estimated $US340 million ($509 million) after taxes from the sale, is not a billionaire.”

Jenner continued to defend herself, taking aim at the magazine’s unverified claims and lack of evidence.

Jenner landed the Forbes cover in March 2019 as the world’s youngest self-made billionaire at just 21 years of age, after launching make-up and skincare brand, Kylie Cosmetics.

The mogul built the brand in a short space of time before selling a 51 per cent majority stake to US domestics brand Coty in November for $US600 million ($892 million).

The feud between Forbes and Jenner saw shares in Coty fall more than 13 per cent on Friday.

Despite the lucrative deal, Forbes went on to say the business was likely “never that big to begin with”.

“The Jenners have lied about it every year since 2016 – including having their accountant draft tax returns with false numbers – to help juice Forbes’ estimates of Kylie’s earnings and net worth.”

Is she or isn’t she?

In a statement obtained by People, Jenner’s lawyer Michael Kump called for a retraction of the claims.

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,” Mr Kump said.

“We would not expect that from a supermarket tabloid, much less from Forbes.

It is likely that Kylie Cosmetics is Jenner’s main source of income.

But in true Kardashian-Jenner form, the star has her fingers in a number of other profitable pies.

Last year, BBC reported that Jenner pulled in a cool $US1.5 million ($1.78 million) per sponsored Instagram post, making her the highest paid influencer of 2019.

View this post on Instagram

left my designer for this @FashionNova fit 👌🏼

A post shared by Kylie 🤍 (@kyliejenner) on

She also signed a seven-figure collaboration deal with Puma in 2018, and continues to operate a clothing line with sister Kendall called Kendall + Kylie for PacSun.

Jenner has used her famous face to endorse a number of other well-known brands including Fashion Nova, SugarBearHair, Adidas and Quay Australia.

Clothing and make-up aside, Jenner also earned money from her brief spin-off reality show, Life of Kylie, and reportedly rakes in $US4.5 million per season of Keeping up with the Kardashians, which is now in its 18th season.