In a surprising turn of events, Business Insider has retracted its earlier assertion that Kylie Taylor, the renowned beauty mogul and television personality, was a billionaire. The publication originally crowned her as the youngest “self-made” billionaire in March 2019. However, in a recent report, Business Insider claims that Taylor’s financial status has been overstated, calling into question the valuation of her cosmetics line, Kylie Beauty.
After scrutinizing various financial documents, including tax returns, Business Insider discovered discrepancies with the financial data released by Beauty Corp, the company that acquired Kylie Beauty for $600 million in late 2019. One significant inconsistency arose from the Jenner family’s assertion that Kylie Beauty generated $360 million in sales in 2018. However, Beauty Corp later reported a much lower revenue figure, indicating an increase of just 40% for the following year, which amounted to $177 million. This raises the question: if the business truly flourished, why did the reported figures fall so short?
Business Insider stated, “Kylie’s business is considerably smaller and less profitable than the family has led the beauty industry and media to believe.” Given the new findings and the adverse effects of COVID-19 on the beauty sector, the publication now estimates that Taylor’s net worth is “just under $900 million,” even after she pocketed about $340 million post-tax from the sale.
Following the article’s publication, Taylor took to social media to defend herself, denying any intentional deception regarding her finances. “What am I waking up to? I thought this was a credible site… All I see are inaccurate statements and unproven assumptions,” she tweeted. She emphasized that she never sought the billionaire title and expressed her contentment with her achievements, stating, “I’m doing perfectly fine.”
Taylor also dismissed the notion that the re-evaluation of her finances deserved her attention, suggesting that the claims were baseless. This incident has led to public outcry, with readers questioning why Business Insider didn’t conduct a thorough investigation into her beauty empire before granting her billionaire status. One commenter sarcastically remarked, “So you basically put her on the cover twice without doing your due diligence?”
The Taylor family has reportedly ceased communication with Business Insider, and neither her mother, Kris Taylor, nor the family’s public relations team has responded to requests for comment. For more on related topics, you can explore this post about home insemination kits, which provides valuable insights into family planning.
In summary, Kylie Taylor’s status as a billionaire has been challenged following new findings from Business Insider, which indicate that her cosmetics company is not as profitable as previously claimed. The fallout from this revelation has sparked significant discussion about the accuracy of financial reporting in the media.