As of today, Kylie Jenner is officially the youngest self-made billionaire ever. According to Forbes, the makeup entrepreneur was reported to be on her way to becoming a billionaire last year, but the publication just announced that as a result of 9% revenue growth in her $900 million business, Kylie Cosmetics, and her profitable partnership with Ulta, she has now crossed the threshold.
"Add in the cash Jenner has already pulled from the profitable business, and the 21-year-old is now a billionaire, with an estimated fortune of $1 billion," Forbes reporter Natalie Robehmed wrote. "She's the youngest-ever self-made billionaire, reaching a ten-figure fortune at a younger age than even Mark Zuckerberg (who was 23 when he hit that mark)."
Jenner, who launched her cosmetics venture in 2015 when she began selling lip kits, with lipsticks and lip liners, experienced immediate success. Her first stock of lip kits sold out in less than a minute. A few months later, she began selling Kylie Cosmetics on Shopify with 500,000 lip kits in six colors. By the end of 2016, her company had made $307 million in revenue, according to Business Insider. Kylie Cosmetics sales are often driven by Jenner generating fomo (fear of missing out) among fans with warnings that the collections are only available in very limited quantities.
Experts say her success is due to a masterful social-media strategy: With more than 175 million followers across all platforms, she is able to reach millions instantly to market her products. Also, her business overhead is low. The makeup mogul has a team of just seven full-time and five part-time employees. Meanwhile, her products are manufactured and packaged by a local company in California with sales and shipping handled by Shopify. In addition, her mother, Kris Jenner, manages finance and public relations for a 10% fee.
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At the age of 20, @kyliejenner is about become the youngest self-made billionaire ever and that's no lip service. (For reference, Mark Zuckerberg became a billionaire at 23.) Tap the link in bio to learn about how the #30Under30 built a $900 million fortune in less than 3 year by monetizing fame in the form $29 lip kits.
Jenner, who was on the cover of Forbes' "America's Women Billionaires" issue in August, was reported at the time to be the 27th-richest self-made woman in the United States. Although many had an issue Jenner being classified as a "self-made" near-billionaire, arguing that she had been born into wealth and had benefitted from her early fame as a reality star, Jenner insisted that her parents had cut her off when she was 15 and that she had launched her company with money she had made modeling.
Kylie Cosmetics is currently sold online at KylieCosmetics.com and at more than 1,000 Ulta stores in the US.