Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash outs of all time. But the deal’s fine print reveals that she has been inflating the size and success of her business. For years.
were seemingly erased in November 2019, when $8.6 billion Coty announced it was snapping up 51% of Kylie Cosmetics for $600 million, effectively valuing the business at about $1.2 billion. The deal gave the struggling, 116-year-old Coty a hip, social media-savvy brand to help turn around its sagging balance sheet. It gave Kylie a major chance at expansion, plus a boatload of cash and apparently clear proof of her billionaire status.
“I think everybody was surprised,” says Wissink, the Jefferies analyst, who was on the call. “The negative that came out of that announcement was that the business was a lot smaller than everybody had expected.” More likely: The business was never that big to begin with, and the Jenners have lied about it every year since 2016—including having their accountant draft tax returns with false numbers—to help juiceestimates of Kylie’s earnings and net worth. While we can’t prove that those documents were fake , it’s clear that Kylie’s camp has been lying.had been estimating that her business, which has little overhead, was notching 44% net margins.
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