“I didn’t expect anything. I did not foresee the future,” says Jenner, who is the youngest billionaire in the world. “But [the recognition] feels really good. That’s a nice pat on the back.
The beauty of
Kylie Cosmetics, which Jenner started in 2015, is its minuscule
overhead—and the outsize profits that go straight into Jenner’s pocket.
Her empire consists of just seven full-time and five part-time
employees. Manufacturing and packaging is outsourced to Seed Beauty, a
private-label producer in nearby Oxnard, California. Sales and
fulfillment are handled by online merchant Shopify. Her shrewd mother,
Kris, takes care of finance and 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, previews 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.”
Fueled in part by the Ulta expansion, Kylie Cosmetics’ revenue climbed 9% last year to an estimated $360 million. 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. 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. She’s the youngest-ever self-made billionaire, reaching a ten-figure fortune at a younger age than even Mark Zuckerberg of Facebook (who was 23 when he hit that mark).
Source:- Forbes
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