Kylie Jenner Not a Billionaire, Says Forbes via thisdaylive
When Forbes magazine revealed the 10 youngest members of the 2020 billionaires list this year, one name was echoed louder than the rest on the list: Kylie Jenner, the youngest of the Kardashian-Jenner clan. Kylie, 22 was labeled the youngest self-made billionaire, a title Forbes has been promoting since it released its 2018 list of America’s Women Billionaire where the 20-year-old Jenner at the time clinched the No 27 spot.
In a breakdown of how the Jenner arrived at the glorified spot, the magazine admitted that it was skeptical initially of the influencer’s expanding wealth but with documents authenticating the reports from family, business partners and even the media, the veracity of her claim was no longer doubted. “It looked like Coty was paying way too much for a celebrity brand that could prove to be just a fad, one charged. Another asked how Coty could be sure Kylie will remain committed to promoting the business in the years to come.”“Revenues over a 12-month period preceding the deal: $177 million according to the Coty presentation—far lower than the published estimates at the time.
“If so, Coty paid up for a ‘high-growth’ brand that is actually a much smaller business than it was just a few years ago.” “Far from embarrassed about being caught in a lie, she—and her shrewd mother, Kris—seized it as a marketing opportunity.
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