At the age of just 21, Kylie Jenner has officially entered the billionaires’ club thanks to her make-up business, work in reality TV and modelling, and from having grown up in one of America’s richest families.
Forbes’ latest rich list has described Jenner as the youngest ever self-made billionaire, as she is two years younger than when Facebook founder Mark Zuckerberg passed that threshold. Of course, there is some dispute over whether she is truly self-made but the statistics surrounding her make-up brand are truly staggering.
Jenner made her foray into cosmetics in 2015 when she starting selling lip kits, with lipsticks and lip liners. They sold out in less than a minute. Several months later, she launched Kylie Cosmetics on Shopify with 500,000 lip kits in six colors. By the end of 2016, the company had generated $307 million in revenue.
Experts have said the key to her success is her well-executed social-media strategy: She has more than 175 million followers across the platforms she uses to market her products, Forbes said.
The business overhead is low. According to Forbes, Jenner has a team of seven full-time and five part-time employees, while manufacturing and packaging are done by a local company in California, the sales and fulfillment are handled by Shopify, and her mother, Kris Jenner, handles finance and public relations for a 10% management fee.
Kylie Jenner was on the cover of Forbes’ “America’s Women Billionaires” issue in August, when the magazine reported that she was the 27th-richest self-made woman in the United States. Many took issue with Forbes classifying Jenner as a “self-made” near-billionaire, saying that being born into extreme wealth and fame is the opposite of being self-made.