Saturday 30 May 2020

Now that Forbes has said #KylieJenner is no longer a billionaire!

Kylie was there on her own doing her thing,running her business and being a mum..

Literarily nobody asked Forbes..They came and said...

Then Nobody asked them at all,they came again and said..

I mean ... even Kylie is shook!Lol..

Kylie is like!! You saying I am a liar?!!

Let's read through some of what Forbes wrote on Kylie being a liar to achieve the prestigious forbes billionaire status.

Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash-outs of all time. But the deal’s fine print reveals that she has been inflating the size and success of her business. For years.

More than a decade into their fame, the Kardashian-Jenners tend to induce eye rolls and sighs among jaded media consumers. But when it comes to their wealth, even critics of reality TV’s first family are intrigued; the Kardashian-Jenner machine and the cash it generates has been the subject of articles, podcasts, even books. But no one cares more about the topic than the family itself, which has spent years fighting Forbes for higher spots on our annual wealth and celebrity earnings lists.

Continue below...

So when the youngest of the clan, Kylie Jenner, sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion this January, it was a watershed moment for the family. One of the greatest celebrity cash-outs of all time, the transaction seemed to confirm what Kylie had been saying all along and what Forbes had declared in March 2019: that Kylie Jenner was, indeed, a billionaireat least before the coronavirus.

When we visited Kylie Jenner in 2018, she had managed to convince us and the rest of the world that her cosmetics company was doing more than $300 million in annual revenue. In reality? It only did $125 million that year.

“Kylie is a modern-day icon, with an incredible sense of the beauty consumer,” Coty chairman Peter Harf gushed when announcing the acquisition in November.

But in the deal’s fine print, a less flattering truth emerged. Filings released by publicly traded Coty over the past six months lay bare one of the family’s best-kept secrets: 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.

Of course, white lies, omissions and outright fabrications are to be expected from the family that perfected then monetized the concept of “famous for being famous.” But, similar to Donald Trump’s decades-long obsession with his net worth, the unusual lengths to which the Jenners have been willing to go including inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged reveals just how desperate some of the ultra-rich are to look even riche

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. “To stay on-brand, it needs to be bigger than it is.”

Based on this new information plus the impact of Covid-19 on beauty stocks and consumer spending,Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire. OKAY!

Kylie’s business began as a way to cash in on a minor scandal. The youngest of the family, she spent more than a year denying tabloid speculation that she was using lip filler injections before eventually finally fessing up to it in May 2015. Far from being embarrassed about being caught in a lie, she—and her shrewd mother, Kris seized it as a marketing opportunity.

With $250,000 of her earnings from modeling, endorsements and Keeping Up With The Kardashians appearances, Kylie launched her first batch of 15,000 lip kits, consisting of a lip liner and matching lipstick, in November 2015. Thanks to clever Instagram marketing, the $29 kits were gone in less than a minute. “Before I even refreshed the page, everything was sold out,” she later told Forbes.

Rest of the article??  please read @ Forbes..

Well we get the message Forbes..

We called her a billionaire before..Ohh we made a mistake..we are calling her a no billionaire now..Okay okay okay we heard..

Kylie has also reacted to Forbes' revelation..

She tweeted..

Exactly Kylie many more important things right now around the world!.

So what happens now with Kylie? Well I am sure Kris Jenner already has plans to turn this into another money spinning enterprise..

A #Nobillionaire beauty line,clothing or accessories may just emerge and then..well we know the rest..Forbes would come back knocking!

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