Forbes magazine removed Kylie Jenner from the Billionaire List. Maybe title “self-made” also should be removed? After Forbes announcement shares of Coty Inc dropped 13% to $3.68 per share. Last year Coty Inc purchased 51% stake in Kylie’s Beauty Company with $1.2 billion valuation.
But last Friday everything changed. Forbes magazine claimed that Kylie Jenner provided misleading financial information by inflating their riches. This happen right after launch of Kylie Skincare products in Europe. Another big problem for her cosmetic company is covid19 and changed customers preferences because of it.
This type of response is in Kardashian-Jenner style. After worldwide coverage, her make-up and skincare sales will drop even more. But the biggest problems will face Cota Inc (publicly traded shares) because company overpaid for Kylie Jenner’s business.
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