Kylie Jenner has taken over the crown as the youngest Billionaire at just 21, and self-made, beating the record set by Facebook founder Mark Zuckerberg who was 23 when he hit the billion dollar mark.
According to Forbes 2019 Billionaire list released a few hours ago, Kylie Jenner Cosmetics had only sold its makeup online and briefly in pop up shops, exclusive distribution deal with Ulta, the beauty retailer, Kylie Cosmetics was rolling its $29 lip kits—a matte liquid lipstick and matching lip liner—into Ulta’s 1,000-plus stores.
Forbes also reported that Kylie Jenner who is now the youngest Billionaire, 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 athe youngest billionaire, with an estimated fortune of $1 billion.
The youngest Billionaire last year, was quoted by Forbes to have said this about her Billionaire status:
“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.”
Forbes stated that, 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.