Forbes is reporting that 21-year-old Kylie Jenner has finally achieved billionaire status thanks to 9% revenue growth in her $900 million business, Kylie Cosmetics, in 2018, fueled by a partnership with Ulta that brought her products to its more than 1,000 US stores.
“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,” the 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 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, INSIDER reported.
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 self-made thing is true,” she told Paper magazine, adding that Kris Jenner and Caitlyn Jenner “cut her off at the age of 15” and haven’t financially supported her since.
“My parents told me I needed to make my own money, it’s time to learn how to save and spend your own money, stuff like that,” she said. “What I’m trying to say is I did have a platform, but none of my money is inherited.”
Jenner is by far the wealthiest of her family.