A member of Kardashian-Jenner American reality TV family, Kylie Jenner has become the world’s youngest billionaire at the age of 21.
The business magazine ranked Jenner, who was admitted to the ‘nine-zero’ fortune club by Forbes, as the world’s 2,057th richest person.
She joined the club of billionaire two years younger than Facebook co-founder, Mark Zuckerberg, who was 23 when he took the title in 2008.
Jenner fortune came through Kylie Cosmetics, the makeup company she runs through her iPhone, with the help of her mother Kris. It was also fuelled in part by the Ulta expansion, Kylie Cosmetics’ revenue climbed 9% last year to an estimated $360 million. Ulta is a beauty store in the United States.
With that kind of growth, and even using a conservative multiple from the booming makeup industry, Forbes estimates Jenner’s company is worth at least $900 million. She owns all of it.
“I didn’t expect anything. I did not foresee the future. But the recognition feels really good. That’s a nice pat on the back,” says Jenner.
The beauty of Kylie Cosmetics, which Jenner started in 2015, is its minuscule overhead and the outsize profits that go straight into Jenner pocket.
Kylie with her Cosmetics
Her empire consists of just seven full-time and five part-time employees. Her empire consists of just seven full-time and five part-time employees.
Manufacturing and packaging are outsourced to Seed Beauty, a private label producer in nearby Oxnard, Califonia, Sales and fulfilment are handled by online merchant Shopify. Kris, her mother, takes care of finance and the PR in exchange for the 10% management fee she siphons from all of her kids.
Marketing is done mostly through social media, where Jenner has a massive following. She announces product launches, preview new items and announces the Kylie Cosmetics shades she’s wearing directly to the 175 million plus who follow her across Snapchat, Instagram, Facebook and Twitter.
“It’s the power of social media,” Jenner says. “I had such a strong reach before I was able to start anything.” In some stores, inventory was gone in hours.
“It sold out faster than we planned” admits Tara Simon, Ulta senior vice president of merchandising. Forbes’s estimate of Jenner’s wealth comes in its annual ranking of the world’s billionaires.
Its research found that the total number of billionaires had declined over the past year from 2,208 to 2,153. The world’s richest person remain the Amazon founder and chief executive Jeff Bezos with a $131 billion fortune.