Kim Kardashian‘s beauty brand, KKW, was reported to have been valued at a billion dollars leading Kanye West to brag about her new three comma status.
But according to the publication that striped Kylie Jenner of billionaire status, her older sister isn’t one either.
The 39-year-old reality star is worth about $900million after inking a deal with Coty Inc. to sell a 20 percent stake in the company, which sells make-up and fragrances, for $200million according to Forbes.
Coty also bought a 51 percent stake in Kylie’s company for $600million last year.
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Miscalculations? Kim Kardashian’s beauty brand, KKW, was reported to have been valued at a billion dollars leading Kanye West to brag about her new three comma status but according to a new report from Forbes she is only worth $900million
Downgrade: Kylie Jenner, 22, had been hailed a ‘self-made billionaire’ by Forbes in 2019 and 2020, but in May they stripped her of the title, accusing her of inflated business figures and ‘forging’ tax returns and suggesting she is worth around $950million
Kylie, 22, had been hailed a ‘self-made billionaire’ by Forbes in 2019 and 2020, but in May they stripped her of the title, accusing her of inflated business figures and ‘forging’ tax returns and suggesting she is worth around $950million.
Now Forbes reports that the deal which is set to close in the third fiscal quarter of 2021 will leave majority owner Kim with a 72% stake but as her mother Kris Jenner owns 8% it has prevented her from attaining true billionaire status.
This may be interesting news to Kim’s 43-year-old husband Kanye who bragged about her ‘billionaire’ status on Monday.
Crunching the numbers: The 39-year-old reality star (seen in October) is worth about $900million after inking a deal with Coty Inc. to sell a 20 percent stake in the company, which sells make-up and fragrances, for $200million according to Forbes
Momager in the way: Now Forbes reports that the deal which is set to close in the third fiscal quarter of 2021 will leave majority owner Kim with a 72% stake but as her mother Kris Jenner owns 8% it has prevented her from attaining true billionaire status
‘I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,’ Kanye wrote.
‘You’ve weathered the craziest storms and now God is shining on you and our family. So blessed this is still life.’
The Jesus Walks rapper appeared to have created a a found-art photo featuring a green tomato, a tomatillo, a cherry tomato, some lavender and other flowers, all arranged on the ground.
‘So blessed this is still life’: This may be interesting news to Kim’s 43-year-old husband Kanye who bragged about her ‘billionaire’ status on Monday
‘So I made you this still life. We love you so much,’ he concluded.
Kanye later faced backlash on social media as many considered it ‘ill-timed’ for boasting about his wife’s financial high given the fraught financial state of the globe.
Regardless Kim’s new deal is for a ‘long-term strategic partnership to launch products in new beauty categories and expand across the globe from top to bottom’.
TMZ reports that Coty acts as a licensee for skin, hair, personal and nail products.
Interesting: TMZ reports that Coty acts as a licensee for skin, hair, personal and nail products
In control: The deal means that Kim remains very much at the helm of the business, having only given up a 20 percent stake
The deal means that Kim remains very much at the helm of the business, having only given up a 20 percent stake.
If the company have paid $200million for one fifth of the brand, that means they value the whole company at a billion dollars.
Coty bought a majority stake in Kylie’s beauty company, (51 per cent) in 2019, for $600million, whereas Kim will still be in charge of her company.
TMZ also reported that Kim and her team have been working out the deal with Coty for months.
Kim said: ‘This relationship will allow me to focus on the creative elements that I’m so passionate about while benefiting from the incredible resources of Coty, and launching my products around the world.’
Kim’s beauty company was recently sued by Seeds Beauty because they were reportedly worried she would spill trade secrets to Coty.
Something to say: Kylie recently hit back at Forbes after it published a report claiming that the Jenners and their PR team inflated figures for Kylie Cosmetics
Last month, Kylie slammed Forbes after the publication released a bombshell report accusing her of inflating figures and ‘forging’ tax returns for the makeup mogul’s cosmetics company.
It appeared the reality star was taken by surprise at the article, which claims Kylie Cosmetics is not doing as well as the Jenners want people to think – and that the Lip Kit creator is not actually a billionaire.
Forbes named Kylie the world’s youngest self-made billionaire in 2019 and again in 2020, and of her surprise over their latest article she wrote on Twitter: ‘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’
‘Inaccurate statements’: Kylie appeared shocked by the Forbes article that claimed her family created a ‘web of lies’ so she could be crowned the youngest billionaire
She followed up with a quote from the Forbes report that accused the Jenners and their accountant of producing false tax returns.
‘“Even creating tax returns that were likely forged” that’s your proof? so you just THOUGHT they were forged? like actually what am i reading.’ Kylie tweeted incredulously.
She followed up with another post focusing on the positive, ‘but okay i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine.’
The publication accused Kylie of ‘lying about company figures and forging tax returns’ to be dubbed a billionaire.
Report: Kylie is not a billionaire, Forbes claimed. They accused the ‘self-made’ makeup mogul, 22, of spinning ‘a web of lies’ about company figures and ‘forging tax returns’