Kylie Jenner can’t seem to catch a break these days. After Forbes disavowed the billionaire title they gave just last year, the 22-year-old now reportedly has to deal with her struggling makeup empire amidst a global pandemic.
Worse, she might have to fix things without the help of her mom and manager Kris Jenner. Rumor has it that the young social media influencer refuses to even answer her calls after the scandal that broke out about their alleged forging of tax returns.
No Need for Lipstick
Jenner’s makeup company, which she has since renamed to King Kylie, LLC, is currently seeing a significant decrease in sales.
This decline in the demand for her lip kits and other cosmetic offerings are attributed by some sources to the stay-at-home orders caused by the coronavirus pandemic and the growing civil unrest that followed the death of George Floyd. With so much going on in the world, it seems like Jenner’s usual customers don’t really have the desire or money to splurge on makeup anymore.
There’s also the fact that people prefer to spend on other beauty products like face and foot masks instead of cosmetics.
The company’s current sales numbers are certainly a far cry from its launch in 2015.
The $29 lip kits were very much in demand and selling out fast. By 2016, the cosmetics brand recorded total revenues of over $300 million.
Coty is probably just as disappointed as Jenner by the decline her makeup company is facing. After all, they just paid a reported $600 million to acquire a 51% of it.
That gives Kylie Cosmetics a valuation of about $1.2 billion. Now, Coty is realizing they might have overpaid for the company as it is revealed that the company only brought in $177 million in revenue in the months prior to the purchase instead of the $360 million figure Jenner and Kris allegedly insisted.
Dwindling Net Worth
Considering all that’s happening, Jenner’s net worth has been reevaluated and now stands at just $700 million, according to some sources. However, Forbes puts her fortune at a much higher $900 million, still ways away from being a billionaire.
Unfortunately, the young makeup mogul’s wealth can dwindle down even more as she spends over $100 million on real estate and with makeup sales showing no signs of improvement.