Kylie Jenner Has Been Announced By Forbes As The Youngest Self-Made Billionaire Ever!
Kylie Jenner has beaten Mark Zuckenberg to become the youngest self-made billionaire ever. Thanks to the cosmetics company she founded three years ago Jenner made an estimated $508 million in sales alone last year.
Kylie Cosmetics is 100% owned by the youngest Jennner and it all began in 2015 with the launch of her lip kits containing lipstick and matching lip liner. Since then the company has seen the 21 year old propelled into mega rich status beating even Facebook founder Zuckerberg.
Forbes magazine said she was with the world’s youngest billionaire and also the youngest ever self-made billionaire.
However it’s the latter that has people scratching their heads. Self made? Really? Surely the fact she comes from a very wealthy family already, means that she’s not exactly self made. For example, Oprah Winfrey is also self made, but her story is very different. She did not come from a family that had their own successful reality show and entertainment empire like Jenner did.
The magazine however distinguishes between those who inherited their wealth compared to those who made their fortunes on their own. So while Jenner’s family is well off, the money wasn’t given to her by her parents. She earned it all through her company, regardless of the help her family provided.
“She’s the youngest ever self made billionaire reaching a ten figure fortune at a younger age then even Mark Zuckenbegrg (who was 23 when he hit that mark),” Forbes said.
Jenner says much of her company’s success lies in the power of social media. The mum of one says she already had a huge platform with which to launch her products. “I had such a strong reach before I was able to start anything,” she says.
“I popped up at a few stores, I did my usual social media—I did what I usually do, and it just worked,” Jenner continues. “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.”
Perhaps what propelled Kylie Cosmetics even further was her deal with Ulta Beauty which has put her products into real bricks and mortar stores. Up until then they were only available to purchase online and at pop up stores. The make up range can now be found in all of Ulta’s 1,163 US stores. This move helped Kylie Cosmetics’ revenue increase by nine percent in 2018, reaching an estimated $360 million.
Many still say that although Jenner used her social media status to drive her company’s advertising much of her success is still dependent on her family’s celebrity. What do you think?