Forbes magazine announced Tuesday that self-made billionaire has beaten Facebook founder Mark Zuckerberg who was 23 when he hit the billionaire mark.
Last year, Forbes valued her beauty company Kylie Cosmetics at $800 million and raised her overall worth to $900 million.
Her partnership with Ulta Stores and her huge social media following, where she does most of the marketing of her products, has enabled her see a progressive increase in profits from the sales of her cosmetic brand.
“Fuelled 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,” wrote Forbes.
“She owns all of it. Add in the cash Jenner has already pulled from the profitable business, and the 21-year-old is now a billionaire, with an estimated fortune of $1 billion,” added Forbes.
According to Forbes, Kyle’s 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.
The mother of one started her beauty brand in 2015 with just a lip kit consisting of a matching set of lipstick and lip liner that cost 29 dollars.
In an interview with Forbes she explained how she was overwhelmed at how fast the product sold. She added that she is however humbled by the positive reaction.
Media reports indicated that Kylie Cosmetics sold out in hours during her first launch in 2015.
Jenner is the youngest daughter of Kris and Caitlyn, formerly Olympic gold medalist Bruce. Her sister is supermodel Kendall. Her half-sisters are Kim, Kourtney, and Khloe Kardashian.
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