The majority owner of Kylie Cosmetics hasn’t had the best weekend.

Coty, the beauty giant that owns a 51 per cent stake in Kylie Cosmetics, saw its stocks plummet after Kylie Jenner was accused of inflating her net-worth and essentially lying about her billionaire status by Forbes magazine – the same publication that gave her the title.

The New York Post reports shares in Coty dropped by 13 per cent after Forbes released its scathing article, stripping Jenner of her billionaire status.

In a scathing article published by Forbes titled ‘Inside Kylie Jenner’s web of lies’, it is alleged 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”.



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This has affected the shares in Coty as the beauty company bought the majority share in Jenner’s brand last year for $600 million (Dhs2.2 billion), reportedly making her a billionaire. However, Forbes now alleges the reality star inflated her net worth in her financial filings.

Meanwhile, the 22-year-old is denying all claims Forbes is making, with her attorney Michael Kump stating the “article is filled with outright lies”.

“We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth,” Jenner’s attorney told the New York Post in statement.

The makeup mogul herself also addressed the claims on Twitter, stating they were  based on “inaccurate statements and unproven assumptions”.

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 Jenner Instagram