Kylie Jenner Becomes The Youngest Self-Made Billionaire Ever
By Sulie Dende
6th March, 2019
6th March, 2019
- Kylie Jenner at 21, is the youngest self-made billionaire, Forbes reported on Tuesday.
- Some have used social media to argue the "self-made" tag
- Forbes explains; Here's What Forbes Means By Self-Made: From Bootstrappers To Silver Spooners
At age 21, Kylie Jenner is the world's youngest billionaire, according to Forbes. They magazine credited her billionaire status to the success of her makeup company, Kylie Cosmetics, which she founded in 2015 with the sale of the wildly popular lip kits — a set which included liquid lipsticks and matching lip liner. Self made or not, the 21 year old knows how to turn $29 lip kits into a billion dollars. The success story of Kylie Cosmetics can be attributed to the calculative use of social media and Kris Jenner's PR influence. More so, the Kadarshian/Jenner influence is likely to draw more young customers, the very generation that grew up watching the family's reality TV show, and also the generation that's most popular with cosmetics.
Kylie's collaboration with "Ulta" further pushes distribution almost all over America, reaching all generation and people that wouldn't be caught online.
“She did well online, but there’s only so far that that can take her,” says Shannon Coyne, an equity research analyst at BMO Capital Markets. “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.” - Natalie Robehmed, Forbes (quoted)
Apart from distribution, Kylie's successful company comprises of a very small staff, leaving her with almost all the profit. Her company 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. Forbes has attributed her wealth solely to the rapid growth of the cosmetic company. The magazine on Tuesday released its annual ranking of the planet's richest people for 2019, ranking Kylie at number 2,057 on the list of 2,153 and also acclaiming her the "youngest self-made billionaire of all time."
Joining her on the Forbes' youngest billionaire list for 2019 is Alexandra Andersen and her sister Katharina, who own a Norwegian holding company, and Snapchat creator Evan Spiegel.