Kim Kardashian (Kim Kardashian) beauty brand value has reached 1 billion US dollars, this big man has now surpassed the fortune of sister Kylie Jenner (Kylie Jenner).
The 39-year-old big man has just reached an agreement with Coty (Coty Inc.) to sell 20% of the company’s shares for $200 million. The company sells cosmetics and perfumes.
TMZ reported that the transaction was to establish “a long-term strategic partnership to launch new beauty category products and expand globally from top to bottom.”
Now, gold is a billionaire! Coty Inc spent $200 million to acquire 20% of Kardashian’s beauty empire because she surpassed her sister Kylie Jenner’s wealth (stock image)
The source also told the site that Coty is the licensee of skin, hair, personal and nail products.
If the company acquired one-fifth of the brand for $200 million, it means that they value the entire company at $1 billion.
This means that Kim has surpassed the wealth of her 22-year-old sister Kylie, because her wealth is thought to be between $90-950 million.
She was once listed as a “billionaire from scratch” by Forbes, but they condemned her title, accused her of exaggerating the numbers and “forging” the cosmetics mogul’s cosmetic company, which angered her.
Unhappy: The latest news is that Kylie’s wealth is estimated to be around US$900-950 million, because Forbes stripped her of the title of “self-made billionaire”
Coty acquired a majority stake (51%) of Kylie Beauty in 2019 for $600 million, while Kim is still responsible for her company.
TMZ also reported that Kim and her team have reached a deal with Coty for several months.
Kim said: “This relationship will allow me to focus on the creative elements I am so passionate about, while benefiting from Coty’s incredible resources and promoting my products globally.”
Kim’s beauty company was recently sued by Seeds Beauty because they reportedly feared she would disclose trade secrets to Coty.
I have something to say: Kylie said in a report on Friday that Jenners and his public relations team have exaggerated the value of Kylie Cosmetics and have recently been criticized on Forbes. .
Last month, Kylie slammed Forbes because the publication published a bombshell report, accusing her of exaggerating the numbers and forging the tax returns of the cosmetics tycoon’s cosmetics company .
It seems that the reality star was surprised by this article, which claimed that Kylie Cosmetics did not perform as much as Jenners wanted people to think about-and that the creator of Lip Kit was actually not a billionaire.
Forbes once again named Kylie as the youngest self-made billionaire in the world in 2019 and 2020. She was surprised by her latest post on Twitter: “I even woke up . I think this is a reputable website.
“All I have seen are incorrect statements and unproven assumptions. I have never asked for any title and I have never tried to lie. Period’
‘Inaccurate statement’: Kylie was shocked by the Forbes article, which claimed that her family had created a “lie network” so she could become the youngest billionaire
She quoted a passage in the Forbes report alleging that Janus and his accountants produced false tax returns.
“”Even if you create a tax declaration that is likely to be forged”, is this your proof? So you just think they are forged? It’s like what I’m actually reading. Kelly tweeted surprisingly.
She subsequently published another article, focusing on the positive side, “But, well, I have the honour to spend my years, I have a beautiful daughter, the business is successful, and it is doing well.”
The publication accused Kylie of “misrepresenting company numbers and forging tax returns” and was called a billionaire.
Report: Forbes claims that Kylie is not a billionaire. They accused the 22-year-old “homemade” cosmetics tycoon of lying about the company’s image and “falsified tax returns.”
According to the filing of beauty giant Coty, Coty acquired a 51% stake in Kylie makeup company at a valuation of US$1.2 billion in January, and Kylie Cosmetics generated revenue and profits far Below the figure that the Jenner Kardashian family has touted for years.
These shocking claims came after Forbes put Kylie on the cover and praised her as the youngest self-made billionaire ever.
Forbes explained that the 2016 tax returns showed that the income was much higher than the figures disclosed in the documents submitted by Coty, and there were only two explanations: Kelly Cosmetics’ sales collapsed completely in the two years before the acquisition , Or the tax return is fabricated.
Forbes now believes that Kelly is not a billionaire even if she receives an estimated after-tax income of $340 million from the sale.
The magazine claims that publicly traded Coty documents released in the past six months show that Kylie’s business is much smaller than people think.
Not to worry: Kylie responded to a tweet that questioned why she was so concerned about the news and followed it
Response: Another fan asked her to use her platform to talk about George Floyd, who was killed by a police officer in Minnesota.
The publication states: “Revenue in the 12 months before the transaction: According to Coty, it was $177 million, far below the estimate published at the time.
“What’s more problematic is that Coty said that sales increased by 40% over 2018, which means that the business generated only about $125 million that year, far less than the $360 million that Jenners had convinced Forbes to believe.
Kylie’s sales representative told us that Kylie’s skincare line was launched in May 2019 and achieved $100 million in revenue in the first month and a half. The filing documents show that this production line is actually “on the right track” and ended the year with only $25 million in sales.
They added that the figures provided by Janus earlier were not possible.
If Kylie Cosmetics had sales of US$125 million in 2018, would their hypothetical tax return reach US$307 million in 2016 or US$330 million in 2017?
Forbes claims that their new calculation brings Kylie’s personal wealth close to $900 million.
Kylie’s attorney Michael Kump told TMZ: “We have commented on an article in Forbes, accusing Kylie of engaging in fraud and “web of lies”, thus making her net Asset inflation.
“I can’t believe it”: Kylie shared the cover photo and wrote this article in 2018
“This article is full of lies. Forbes’ allegations of “falsified tax returns” by Kelly and her accountant are undoubtedly false, and we request that Forbes immediately and publicly withdraw this statement and other statements.
He added: “Sadly, Forbes hired a total of three reporters to investigate the impact of the coronavirus crisis on Kylie’s net worth. We would not expect to receive such information from a supermarket tabloid, which is less than Forbes. Much more.
In 2019, the star replaced the then 35-year-old Facebook Mark Zuckerberg as the youngest self-made billionaire ever-when he made his first billion in 2008 11 years ago He was only 23 years old when he was in US dollars.
Forbes resolved the controversy surrounding the title “self-made” because last year people were opposed to Kelly’s already privileged background.
They wrote: “Yes, it’s self-made (although her famous family provided a lot of help, but she didn’t inherit her business, but established her own business). Yes, the billionaire (her net worth is $1 billion).
The website also claims that the money Kylie sold on Coty’s exchange meant she was one of only 2,095 wealthy ten-digit people in the world.
Kylie previously told Forbes: “I didn’t expect anything. I didn’t foresee the future. But [the recognition] It feels really good. The back is well photographed. ”
Unbelievable: Jenner, the youngest sibling of the Kardashian family, started producing makeup in lipstick sets in 2015.
Jenner is the youngest and richest person in the entire Kardashian-Jenner family. She started her make-up business in 2015 by selling a $29 lipstick set.
These kits sold out within minutes of their release, which is an early sign that she now has the power of more than 270 million social media.
Jenner’s products were only sold online when they were first launched, but in 2018, the brand reached an agreement to sell its products in 1,100 Ulta Beauty stores across the United States.
She expanded her empire earlier this year with the moisturizing line Kylie Skin used under eye creams and facial scrubs.
Jenner brought in approximately $360 million in sales in 2018.
Forbes himself put Kylie on the cover in March 2019, praising her as the youngest self-made billionaire ever.
The move seemed to anger her brother-in-law Kanye West, and Forbes did not declare himself a billionaire until April this year.
The magazine reported that after West was not included in the list of billionaires earlier this year, he “had suffered injuries and venom reactions.”
Everything has changed: Coty has been struggling to cope with the decline in sales, but after Jenner announced the news last year, its shares increased by 5%
Credit Expired: In April, the publication valued Kelly’s brother-in-law Kanye West’s assets, valued at approximately $1.26 billion-the rapper claimed that this number was approximately $3 billion
He texted a Forbes reporter and said, “You know what you are doing.” “You are playing with me, I am not Fenna Lay [sic] Come down and accept in the name of Jesus. ”
After he was finally included in the list, West challenged Forbes’ valuation of his net worth at $1.26 billion.
West texted in the magazine, “This is not a billion.” “This is $3.3 billion, because no one at Forbes knows how to count it.”
Forbes relies on a group of researchers and public and private financial documents to derive its estimate of the net worth of the richest people in the world, not based on their requirements.
According to the report, a statement provided by West’s team showed that the rapper had $17 million in cash, $35 million in stock, $81 million in “building and renovation”, and $21 million in land.
The revenue value of Adidas Yeezy, a fashion partner between the rapper and the German sportswear brand, is about $1.3 billion-last year alone, sales in the West End reached $140 million.
Iconic: In 2016, Kim Kardashian appeared on the cover of Forbes, topping the list. After netting US$51 million in the previous year, 42 of their “100 highest paid celebrities”-her current net worth is US$370 million
The article hinted that West was eager to prove his financial situation over a period of time, and pointed out that he had previously claimed to be a billionaire when he appeared at the Fast Company Innovation Festival in 2019.
“When I was doing Forbes, I showed them a $890 million receipt, but they still didn’t say’billionaire’,” Kanye, a four-year-old father, told the audience.
In 2016, Kim Kardashian (Kylie’s half-sister and Kanye’s wife) appeared on the cover of Forbes and ranked first. After netting US$51 million last year, 42 of their 100 highest paid stars.
Kim shared the photos of Forbes on Instagram on Monday and wrote: “Golden Light can’t suppress his excitement.” “It’s a great honor to be the cover of @forbes!
“I never dreamed that this would happen, and knew my father would be so proud. #NotBadForAGirlWithNoTalent’