Coty, the company that owns a 51 per cent stake in Kylie Cosmetics, has bought a 20 per cent stake Kim Kardashian West’s makeup line, KKW Beauty.
According to the Financial Times, the beauty giant bought its stake for $200 million (Dhs7.34 million).
Through the deal Kardashian-West’s cosmetics company has been valued at $1 billion, which is $200 million lower than her younger sister Kylie Jenner’s business.
Last year, Jenner’s Kylie Cosmetics was valued at $1.2 billion, with Coty buying a 51 per cent stake in the company for $600 million.
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This acquisition made the 22-year-old a billionaire, as determined by Forbes magazine in 2019 – Jenner was declared the youngest self-made billionaire due to the growth of her makeup empire Kylie Cosmetics, and was featured the mogul on the cover of the publication.
However, last month Forbes accused the reality star inflating her net worth in her financial filings. The financial publication alleged Jenner is, in fact, not a billionaire in an article titled ‘Inside Kylie Jenner’s web of lies’.
“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,” the article stated.
Forbes went on to allege Kylie Cosmetics is “significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe”.
“Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire,” the scathing article stated.
However, in response to the accusatory article, the 22-year-old makeup mogul hit back stating Forbes‘ claims were based on “inaccurate statements and unproven assumptions”.
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 Jenner (@KylieJenner) May 29, 2020
“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 Jenner (@KylieJenner) May 29, 2020
In a bid to look on the bright side of things, Jenner counted her blessings saying, “I am blessed beyond my years, I have a beautiful daughter, and a successful business and I’m doing perfectly fine.”
“I can name a list of 100 things more important right now than fixating on how much money I have,” she added.
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Feature Image: Kylie Cosmetics Instagram
