Forbes just announced that Kylie Jenner became the youngest self-made billionaire in the world. After causing so much controversy with the word ‘self-made’, Forbes continues to label the beauty mogul as someone who did not inherit her wealth but earned it. Kylie dethroned Mark Zuckerberg at the age of only 21. The founder of Facebook was 23, two years older when he hit the billion.
Forbs recently did release an article, which stated that Kylie is on her way to become a billionaire. That is when they first used the term ‘self-made’ and the whole world went crazy. There were people who completely supported the claim and ones who strongly judged it. Either way, Jenner did reach the billion and is living her best life with the money.
“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. It’s the power of social media. I had such a strong reach before I was able to start anything. I see [Kylie Cosmetics] going very far. I work really hard.”- said the beauty mogul.
Kylie founded her brand Kylie Cosmetics in 2015 when she used $250,000 from her savings. According to the young mom of Stormy, her parents cut her out when she was 15 to let her know that she has to make her own money. That is why she considers herself self-made. Kylie does admit that she did have plenty of help from social media, where she was already popular before the start of the company. Those $250,000 were money she had previously earned by collaborating with brands and modeling. What started out as a small brand with several lip kits, turned out to be the biggest business success in the past decades. These kits were sold out in less than a minute, while users also caused the official site to crash. The craziest thing is that Jenner owns 100% of her company. Mother Kris is still in charge of the PR and the financial part.
The 21-year-old did a very unexpected move last year when she announced that her products will be also available in Ulta. Until that moment, she was selling only through the official site of Kylie Cosmetics. This was a very smart thing to do because the partnership caused her revenue to rise by 9%. The mogul sold over $54 million of makeup in the first six weeks of the partnership. As you can see, it’s not always about education or being the best student. Kylie used her influence on social media to literally build an empire. She rose above all her sisters, who have been in the business much longer than her.
The thing about selling her goods only through Kylie Cosmetics is that she does not have stores and no outreach to as many people. Ulta owns over 1,000 stores all over the country. Kylie’s products debuted in 50. There is a much bigger advantage of being able to see and try a product. At the same time, people who do visit Ulta’s online store will also find Jenner’s makeup there and can order it online.
“She did well online, but there’s only so far that that can take her. She probably realized: ‘If I want to get big, I’ve got to scale and to do that, I need a partner.’ Ultimately, she wants to grow her brand, and she needs this store presence to do that.”-says Shannon Coyne, a research analyst.