Kylie Set To Become The Youngest Self-Made Billionaire
Written by AaronWeb on July 12, 2018
Make up mogul and reality star, Kylie Jenner is set to become the youngest-ever self-made billionaire – male or female – in the world with a 900 million Dollar net worth.
The 20 year old entrepreneur who launched her own cosmetics, Kylie Cosmetics in 2015 has accumulated $900 million.
The reality star recently graced the cover of the latest Forbes issue ranking the 60 richest self-made women in America.
According to the magazine. the youngest daughter of the reality TV family in “Keeping Up With The Kardashians” sold more than $630 million worth of make up since its launch, including an estimated $330 miillion in 2017.
Forbes said it valued her company at nearly $800 million and Kylie owns 100 perent of it with her employing just seven full-time and five part-time employees at her company, outsourcing production and sales.
The other $100 million of revenue comes from profits generated from her appearances on her family’s reality show and other social media endorsements. Jenner has over 110 million followers on Instagram.
Remember, Mark Zuckerberg currently holds the title after hit the billionaire mark at the age of 23. Well, once Kylie crosses the $1 billion mark, she will unseat Facebook’s Mark Zuckerberg as the youngest-ever self-made billionaire.
Jenner told Forbes that she invested $250,000 of her own money from modeling gigs in 2015 to pay an outside company to produce the first 15,000 lip kits that eventually launched into a full-fledged cosmetic line.
“I said, ‘I’m ready to put up my own money. I don’t want to do it with anyone else,” Jenner said.
The mother of one sold out first round of kits in less than a minute. Resellers are even selling her $29 kits on eBay for up to $1,000.
“Before I even refreshed the page, everything was sold out,” Jenner said.
However, Forbes noted that Kylie Cosmetics’ growth has started to taper. After leaping to $307 million in 2016, revenue was up just 7 percent in 2017, despite the addition of 30 products.
As with all of her kids, Kris handles her daughter’s finance’s and public relations for a 10 per cent fee. Last year, that meant Kylie paid her mom $17million.
Explaining how Kylie built a $900 Million fortune in less than 3 years, Forbes staff, Natalie Robehmed, writes:
Basically, all Jenner does to make all that money is leverage her social media following. Almost hourly, she takes to Instagram and Snapchat, pouting for selfies with captions about which Kylie Cosmetics shades she’s wearing, takes videos of forthcoming products and announces new launches. It sounds inane until you realize that she has over 110 million followers on Instagram and millions more on Snapchat, and many of them are young women and girls–an audience at once massive and targeted, at least if you’re selling lip products. And that’s before the 16.4 million who follow her company directly, or the 25.6 million who follow her on Twitter, or the occasional social media assists from her siblings and friends.
Kylie comes in at number 27 on the Forbes list of women billionaires while Beyonce comes in at number 53. Diane Hendricks, who runs ABC Supply, is number 1 with a net worth of almost $5 billion.
Kylie talked about launching the business in a beauty video for Vogue in June.
Watch video below:
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