Twenty-one-year-old Kylie Jenner today (March 5, 2019) achieved the status of youngest self-made billionaire, a feat that puts her in front of Mark Zuckerberg, who became a self-made billionaire at age 23.
According to Forbes, Jenner hit the billionaire mark thanks in large part because of her decision to open up distribution of Kylie Cosmetics into makeup chain Ulta, which boasts over 1,100 doors. Launched at the chain in November 2018, the brand’s lip kits during the first six weeks of sales were estimated to have brought in $54.5 million.
Driven by the Ulta launch, Kylie Cosmetics’ Cosmetics’ revenue grew nine percent in 2018 to an estimated $360 million. Based on conservative projections, Forbes puts the value of the company at $900 million, all of which is solely owned by Jenner. Add in the income she already banked from Kylie Cosmetics and Jenner easily hits billionaire status.
Kylie Cosmetics was launched just four years ago and employs a lean team of seven full time and seven part time employees. Produced by Oxnard, California-based Seed Beauty, the product is sold using Shopify, while Jenner’s mother Kris Jenner handles the finances and public relations in exchange for a 10-percent management fee.
When Forbes first predicted Jenner would likely become the world’s youngest billionaire, push back on her being defined as “self made” was intense. Forbes explained it uses a 1-10 scoring system to define a self-made levels. A person who inherited money but doesn’t nothing to grow it is ranked as a one, while someone like Oprah Winfrey who had no wealth and also overcame obstacles is a 10. Kylie is viewed as a seven, defined as a person who got a head start from wealthy parents and moneyed background. The magazine lists Rupert Murdoch as an example.