Ka$h Money Kimmy
https://twitter.com/tayIoraid/status/1379557794135834629
In a shock to absolutely no one familiar with the Kardashian money machine, Kim Kardashian was crowned a billionaire by Forbes thanks to KKW Beauty and Skims as well as cash from reality TV, endorsement deals, and several smaller investments.
“It’s the first time I’ve moved away from having licensing deals and transitioned into being an owner,” Kardashian West told Forbes in 2017, when she announced her cosmetics line.
Last year, she cashed in on that ownership by selling 20% of KKW Beauty to cosmetics conglomerate Coty for $200 million, a deal that valued the company at $1 billion.
Kimmy owns a majority stake in shapewear line Skims, which hasn’t disclosed its revenues. However, a source familiar with Skims told Forbes about a transaction that values the shapewear company north of $500 million. As a result, her Skims stake is worth an estimated $225 million, enough to nudge her fortune to $1 billion.
This comes nearly a year after Forbes revoked Kylie’s ‘self-made billionaire’ crown in a deliciously petty exposé detailing alleged financial fraud, asset pumping, and other shady shenanigans by the fame-obsessed family to inflate their wealth.
“Pressed for proof, they opened up their books,” wrote Forbes.
During meetings at Kris Jenner’s palatial Hidden Hills, Calif. estate and the family accountant’s office nearby, Forbes was shown tax returns detailing $307 million in 2016 revenues and personal income of more than $110 million for Kylie that year.
It would have been enough to put her at number two on the Celebrity 100 list, behind Taylor Swift, the accountant was quick to point out. But the documents, despite looking authentic and bearing Kylie Jenner’s signature, weren’t exactly convincing since the story they told, of ecommerce brand Kylie Cosmetics growing from nothing to $300 million in sales in a single year, was hard to believe.”
What was your first reaction to Kimmy becoming a billionaire? Tell us down below and peep the Twitter hysteria on the flip.
