Source: http://www.crazydaysandnights.net

With the stock of this company cratering down to nearly $3 at its lowest during the sell off, the A- list reality star’s side gig is looking a whole lot less lucrative.

It isn’t as if they gave her all cash. In fact, most of it was stock which has fallen about 70%.

So much for being a billionaire.

Narrator’s voice.

She was never a billionaire.

Coty

Kylie Jenner

Kylie Jenner Accused of Scamming for Selling Tanking Cosmetics Company

The ‘Keeping Up with the Kardashians’ star allegedly faked reports about Kylie Cosmetics’ profits before selling it to Coty, Inc., which now owns 51% stake in the company.

AceShowbiz – Kylie Jenner’s cosmetics empire isn’t as successful as it’s claimed, according to an online report. The 22-year-old, who recently sold majority of Kylie Cosmetics’ stake to Coty, Inc., has been accused of scamming for selling the tanking company.

The makeup mogul and her mother/manager Kris Jenner allegedly faked reports about the company’s sales profits, including the one published on Forbes, to make it “look good” before selling the company. Allegedly not aware of it, Coty has now suffered losses on its Q1 financial report, but refuses to come clean about it.

In March 2019, Forbes valued Kylie Cosmetics, which was formerly known as Kylie Lip Kits, at $900 million. In November of the same year, Coty bought a 51% controlling stake in the company for $600 million, with Kylie still holding the remaining 49% of its stake.

Fortunately for Coty, the purchase has reportedly not been finalized and it has until March 31 to back out of the deal.

While the news of Kylie Cosmetics’ loss has not been confirmed, people have weighed in on it, with some claiming that they’re not shocked because the company’s products were never that popular. “I believe it. I don’t know anyone with Kylie products,” one commented on the report. “All the popular beauty gurus don’t use her stuff either, and they have a lot of influence. So where are her customers coming from?”

A second Internet user agreed with the previous commenter’s statement, writing, “The most I’ve seen someone buy was lip gloss. But the pallets and foundation etc.. collect dust, and them shits be right in front of the door at ulta,” Another added, “I heard the business was never doing well and she isn’t really a billionaire. She never opened her books to Forbes. That’s why she sold the company”

“Yeah, I never believed the billionaire flex. Rihanna isn’t even a billionaire, and Fenty was explosive,” someone compared Kylie’s cosmetics company to Rihanna’s Fenty line. “There’s no way that Kylie surpassed her when her makeup didn’t have the same cultural impact. It doesn’t make sense.” – Source

Read more on these Tags: