P.S. The Mary Ann card is not for sale. The rest are.
Posted on 05/31/2020 9:49:37 AM PDT by RummyChick
Shares of Coty plummeted 13 percent on Friday after Forbes magazine kicked Kylie Jenner off it's billionaire's list and accused her of 'inflating the value of her cosmetics business for years.'
Forbes published an article based on an examination of financial filings after the beauty mogul sold a majority share in her cosmetics company.
Jenner sold a 51 percent stake in her Kylie Cosmetics brand to beauty giant Coty in January for $600 million in a deal that valued the company at $1.2 billion.
(Excerpt) Read more at dailymail.co.uk ...
LOLOL
https://www.dailymail.co.uk/tvshowbiz/article-8373587/Kylie-Jenner-refusing-answer-calls-momager-Kris-amid-Forbes-scandal.html
Did Coty bother to investigate (due diligence), or did they just take the word of a 22 year old Instagram “influencer?”
“...off it’s billionaire’s list...”
It’s? Really? Are there any editors left at the DM?
The entire family are cons and grifters.
Oh No , and who is Kylie Jenner
there is a tax person here that opined on this.
yes, coty would have done due diligence.
and therein is why she is going to get nailed..IF she did anything wrong.
The tax person said she may try to blame it on someone else.
So why did Forbes declare her a billionaire in the first place for going on 3 years now?
Apparently the world is running out of editors.
Virtually everything about these women is fake so why didn’t Coty do its due diligence?
Forbes needs to better verify it’s claims about who has what money. This event makes Forbes look equally shabby.
You can’t blame nameless “interns” for something this off.
there will be shareholder lawsuits
https://www.fool.com/investing/2020/05/29/why-coty-stock-was-falling-today.aspx
It seems that Coty was aware of what the real sales were at the time, but analysts and the investing public had heard and believed the numbers that had been widely reported in the media earlier. Even based on those numbers, a number of analysts thought that Coty was overpaying for the company, and questioned whether Kylie was a fad.
So a few hundred mil for hype and Coty sold this to the investors as real? Oh oh...
Billionaire? That’s nothing. I’m selling my name for a TRILLION dollars. :-P
And they are highly successful at it. They are cons of the highest order. They somehow manage to tweak and stimulate every modern American low IQ materialist, sexual, media and social fad of our age.
P.S. The Mary Ann card is not for sale. The rest are.
“So why did Forbes declare her a billionaire in the first place for going on 3 years now?”
because she submitted forged tax returns to Forbes ...
Just wait and see how Kylie’s sales bottom out. Because they will.
“Did Coty bother to investigate (due diligence), or did they just take the word of a 22 year old Instagram “influencer?””
It seems so. Forbes got the info because of the deal
“Forbes published an article based on an examination of financial filings after the beauty mogul sold a majority share in her cosmetics company.”
So the buyer clearly had the same numbers that Forbes had.
“Jenner sold a 51 percent stake in her Kylie Cosmetics brand to beauty giant Coty in January for $600 million in a deal that valued the company at $1.2 billion.”
The article says Jenner herself isn’t a billionaire. It didn’t say the buyer overpaid due to misrepresentation to the buyer.
that’s what I’m wondering. This seems pretty ridiculous on it’s face. Perhaps Forbes got duped but I doubt Coty did.
I watched a movie recently (although it’s older) with Richard Gere. He had a company that he fraudulently presented as being worth more than it was. A CEO of a publicly traded co agreed to buy Gere’s company, found out about the fraud and then decided to buy it anyway as it would look good to the market/his own investors.
Perhaps Coty committed fraud.
The matchmaker for the Coty-Kylie deal was a firm named Tiger Chark (never heard of them).
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