Kylie Jenner has officially become the world’s youngest self-made billionaire, thanks to the successful launch of her beauty business Kylie Cosmetics.
The 21-year-old has overtaken Facebook founder Mark Zuckerberg, who previously held the title of youngest self-made billionaire from the age of 23.
Kylie insists she “didn’t expect” to be so successful when she launched Kylie Cosmetics – which Forbes magazine values at at least $900 million [$1.3b AUD] – four years ago.
“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,” she told the publication.
Most of the brand’s marketing is done through social media – where the brunette announces product launches, previews new items and tells fans which shades she’s wearing each day – to her 175 million-plus fan base across Instagram, Facebook and Twitter and Kylie believes it’s been essential to her success.
“It’s the power of social media. I had such a strong reach before I was able to start anything,” she said.
The reality signed an exclusive distribution deal in November last year with US beauty store chain Ulta to stock her $40 lip kits – a matte liquid lipstick and matching lip liner – into the company’s 1,000-plus stores across 50 states in the US, having previously sold only online or occasionally at pop-up shops.
Following her deal with the beauty company, Kylie Cosmetics sold $76 AUD million worth of products in just six weeks, according to estimates from Oppenheimer.
Kylie owns her entire company, which she started in 2015, and employs just seven full-time and five part-time employees, while manufacturing and packaging is outsourced to Seed Beauty and her mum and manager Kris Jenner helps run the brand’s finances and PR.
Kylie Cosmetics‘ revenue climbed nine per cent to an estimated $500 million AUD last year.
With reporting by Bang Showbiz.
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