Kylie Jenner Sold 51% Share of Kylie Cosmetics for Earth-Shattering $600 Million, Became One of the Richest Socialites Ever
It’s been more than a decade since the Kardashians are capitalizing on their fame. Catapulting themselves to the list of the richest American socialites, the Kardashians, and Jenners are ruling the beauty and fashion industry. Being the youngest of the clan, Kylie Jenner, intrigued the world with her net worth and business mindset back in 2019.
Encashing her beauty company Kylie Cosmetics, by selling 51% of its share to Coty, Kylie Jenner derived the title of the youngest billionaire. Creating a watershed moment for her family right before the pandemic, the 25-year-old accumulated nearly $1.2B from her business dealings. However, it later came as a no-shocker how the billionaire title was achieved through fraudulence.
Also read: Rob Kardashian Net Worth – Is Kim Kardashian’s Brother the Poorest of the Kardashian-Jenner Clan?
Kylie Jenner’s Crowned Billionaire Moment
Inducing eye rolls among audiences and being part of major controversies, the Kardashians somehow managed to keep up their reputation despite all odds. Often facing criticism and trolling, the Kardashians found a way to generate cash even from their controversial fame. Even the youngest of the clan, Kylie Jenner learned the tricks of the family.
Gaining the spotlight of Forbes in 2019, Kylie Jenner managed to find a position in the annual wealth and celebrity earnings lists. Selling 51% of her company, Kylie Cosmetics to beauty giant Coty, the 25-year-old created an eye-watering moment for the family as she catapulted to a billion-dollar net worth. Jenner later revealed her decision of selling such a large stake in her YouTube video.
“The reason why I sold half my company was to have this big infrastructure to go global” the reality star mentioned via her YouTube channel. Calling it a “strategic partnership” Kylie Jenner became “a modern-day icon, with an incredible sense of the beauty consumer…and a high potential of building a global beauty brand”.
Although her partnership ostracised her net worth and helped her get crowned with the title of a billionaire, Jenner’s luck didn’t last long.
The Truth Behind Kylie Jenner’s Net Worth
Despite becoming a business mastermind and a billionaire at a young age, the fine print of her deal with Coty exposed a less flattering truth about Kylie Jenner. The filings released by Coty lay bare the Kardashian family’s one of the best-kept secrets. Evidently, it was revealed Kylie Jenner’s business was significantly small and less profitable, thus making the data presented to Forbes, outright fabricated.
Simply monetizing from the concept of “famous for being famous”, the white lies, omissions, and fraudulence was quite expected from the renowned family. With the desperate idea of looking richer than ever, the family forged the data presented to Forbes. “It’s fair to say that everything the Kardashian-Jenner family does is oversized” The family received criticism for forgery. Thus, based on the new and unadulterated information, “even after pocketing an estimated $340 million after taxes from the sale” Kylie Jenner is not a billionaire.
Adding up another scandal in an attempt to seize a marketing opportunity, the Keeping Up With The Kardashians alum currently sits at a net worth of $750M. After selling Kylie Cosmetics for $600M and earning $340M from taxes, Jenner was anointed “youngest self-made billionaire”. However, earning the title with false claims, the make-up mogul paid $36.5 million for a Holmby Hills mansion, and $15 million for a vacant lot in Hidden Hills, in 2020.
She further bought a separate $12m mansion in Hidden Hills despite her declining revenue from her business. Indeed, the Kardashian-Jenner family prefers ostracizing everything.
Source: Forbes
