Blind Item #12
Things are so bad for the company that bought the reality star's cosmetic line that they made up all kinds of excuses to not report their losses from it in their quarterly SEC filings.
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Kylie J
ReplyDeleteKylie
ReplyDeleteYeah, Kylie, the ‘self-made billionaire’ 🙄.
ReplyDeleteTo be different I'll say Kat Von D.
ReplyDeleteAnyone who doesn't understand the meaning of the word "billion" needs to look up the grains of rice video recently made to illustrate Jeff Bezo's wealth.
ReplyDeleteThen you will fully recognize there is NO WAY IN HELL that Kylie is a "billionaire" when people like George Clooney and Will Smith "only" have multimillions (40-60 M?).
Most people haven't even seen a million for that matter!!
DeleteSo what you're saying is beyond comprehension....
Too soon for it to be Kat Von D. She just sold her company in January. Plus she partnered with Kendo for 11 years prior to that so they would
ReplyDeleteknow the value of her company and the quality of her products.
Aren't they glad they gave her all that money for her KRAP? The only thing that pisses me off about this is that Kylie got even more rich.
ReplyDeleteIdiots....what were the CFOs and Accounts Dept doing?
ReplyDeleteDidn't they check the Balance Sheet before investing?!
IT returns? How difficult is it to decipher the solvency of company?
Estupido!!!
They probably thought they were simply buying it at a discount and would easily be able to turn it around to recoup losses.
Delete@Paris: She didn’t get nearly the amount of money that’s being reported. But I’m shocked that Coty made such a huge mistake. I’ve worked with them on many projects and they are overly cautious in terms of what they launch. They’ll even cancel something halfway through development if they realize that it’s not going to work.
ReplyDelete@Aquagirl: Yes Kylie got EXACTLY what was reported. 600K in CASH. I posted the SEC 8K.
ReplyDeleteI'm going to guess Kim Zolciak-Biermann. Her makeup is crap.
ReplyDeleteFrom the SEC 8KA, Kylie Jenner was paid $600 MILLION in CASH from Coty for a 51 percent stake in Kylie Cosmetics.
ReplyDeleteItem 1.01. Entry into a Material Definitive Agreement.
On November 18, 2019, Coty Inc., a Delaware corporation (“Coty”), entered into a Purchase Agreement (the “Purchase Agreement”) with King Kylie, LLC, a Delaware limited liability company (“King Kylie”) and the other parties listed as signatories to the Purchase Agreement (the “Seller Group Parties”).
In accordance with the terms of the Purchase Agreement, and subject to the satisfaction or waiver of the closing conditions set forth therein, Coty will acquire 51% of the equity interests in King Kylie from the applicable Seller Group Parties for a base purchase price of $600,000,000 in cash, subject to certain customary adjustments.
The Purchase Agreement contemplates that Coty and the applicable Seller Group Parties will, upon closing, enter into certain ancillary agreements, including the First Amended and Restated Limited Liability Company Agreement of King Kylie (the “A&R LLC Agreement”) and the Evergreen Collaboration Agreement described below.
Kardashian Kurse
ReplyDeleteIt says in the SEC 8ka: The transaction is expected to close in the first quarter of calendar year 2020.
ReplyDeleteSo if the deal just closed, it wouldn't be in any earnings yet.
as soon as PMK got cocky and self-aggrandizing with that TOTALLY Unnecessary Forbes article was the moment people turned on klyie cosmetics... these peopl neednto stop blowing there own horn
ReplyDeleteThat’s good for them, dumb ideal I don’t get the appeal at all.
ReplyDeleteAlso in the SEC 8ka, Coty gave itself until March 31, 2020 to back out of the deal:
ReplyDeleteTermination. The Purchase Agreement provides Coty, on the one hand, and the Sellers, on the other hand, with certain customary termination rights prior to the closing, including in the event the transaction does not close by March 31, 2020, subject to extension in certain circumstances.
@Studio: Sorry if you misunderstood my post. I know she got $600K but it was initially rumored that she got much more than that.
ReplyDeleteeveryone is incorrectly assuming that kardashian owned 100% of the company, which she did not. not anywhere close. she likely owned somewhere in the 5-7% range of the equity. if Coty bought 51% of the company and had a $1B valuation, her equity was valued at @50-70 million tops. AND....Coty did not hand over the money to her. They invested it in the company. No one walks away with cash. That is not how it works. Kylie would have issued more shares so that Coty has a proportional 51% of outstanding shares. The only way that Kylie gets cash is when they do an IPO and she sells then, or if the entire company is sold. This is way over-blown by the Kylie PR machine who are running around saying she is a billionaire. Nope. Nowhere close and likely not ever from this company.
ReplyDelete@clarkgreen: Kyle does (or did before she sold 51 percent to Coty) 100 percent of Kylie Cosmetics: .
ReplyDeleteAs CEO, chief marketing officer and chief creative officer, Jenner owns 100 percent of Kylie Cosmetics, while Kris Jenner serves as the company’s chief financial officer. https://www.cnbc.com/2019/03/05/forbes-kylie-jenner-is-the-worlds-youngest-self-made-billionaire.html
Kylie Cosmetics is made under the umbrella of Colourpop, which is a hugely successful company. Kylie's stuff is also made in the same labs. I would be surprised if this is Kylie, as it's pretty much the same product as Colourpop. I can never understand why women would buy Kylie, which is relatively expensive for what it is, when they can get Colourpop at a fraction of the cost and in almost the same exact shades of lipstick, eye shadows, highlighters etc. Kylie's products are overpriced and overhyped. Her skincare line is a joke. I still can't fathom how she got so successful when it's just repackaged Colourpop.
ReplyDeleteThat's why Vylie was on DM over the weekend posing with the finger to nose gesture signaling she's open for bidding to the 'yachters'. Her comment on the post was "snooze you lose". She's gotta go back to making her money the old fashioned way
ReplyDeleteLol I thought it JoJo and the Claire’s debacle.
ReplyDeletethanks for all the info, folks. do we know if Kylie cosmetics was turning a profit before the sale? and what type of profit? surely not a billion dollars worth. I cant even imagine sales reached a billion, or even came close. her billionaire status was purely on the coty valuation, which can be terminated before the end of the month...do I have that right?
ReplyDeleteI sure as hell didn't expect a deep dive on the details of Kylie Jenner's business and financial dealings on the site today.
ReplyDeleteIt cracks me-up how many people are denial of how rich Kylie is. She has at LEAST 600 Million in the bank from her deal plus much much more. The Kardashians are huge with young girls and a few years ago were flying off the shelf. Her and PMK are brilliant, BRILLIANT business women and you can't hate on young Kylie for ceasing the moment. It's crazy but true.
ReplyDeleteI, too, like to cease the moment.
DeleteLmao, seize and cease. Depends on my mood.
Delete@ladybaus,she wouldn't have that much money even if the reports of a cash deal are true,taxes,etc. But this sounds like Coty trying to back out of the deal,if it wasn't finalized. But I sure don't blame her for making a good deal. Cory should know better. But don't underestimate the value of her product overseas.
ReplyDeleteI don't care how much money Kylie received. She's still trash. She is absolute living proof that money can't buy you class.
ReplyDelete"Her and PMK are brilliant,"
ReplyDeletePerhaps they can teach you how to use proper grammar ?
That is proper grammar
Delete@Mischief: But apparently it can buy you a boob job, based on her recent pics.
ReplyDeleteAquagirl. Can u tell me why Coty no longer makes 10 o six?? Been looking for it and it's nowhere to be found!! Thanks
DeleteSo much hate! You all see "skanky girls". I see "saavy business marketeers." It's called branding folks!
ReplyDeleteI have an Ulta near me. When it first launched they were sold out constantly. But with everything the fad fades and much better products are one the market now. Her stuff is piled up at Ulta now. It's not cool anymore and kids move on to the next hot thing. Coty got played being caught up in her Social Media presence. Which are mostly bought bots and smoke and mirrors. They will not see the ROI on that investment. The Kartrashians are just high end gypsies ripping off companies wherever they go.
ReplyDeleteThe Kylie deal with Coty is a completed deal:
ReplyDeleteOn January 6, 2020, Coty completed the transaction to create a long-term strategic partnership with Kylie Jenner to jointly build and further develop Kylie's existing beauty business. Under the terms of the agreement, Coty acquired a 51% stake in the partnership for $600 million.
https://www.coty.com/in-the-news/press-release/coty-inc-reports-fiscal-second-quarter-2020-results
@ladybaus: Proper grammar is "She and PMK..."
ReplyDelete