At the age of 21, Kylie Jenner, an American, became the youngest billionaire in the world in a seemingly old business, beauty cosmetics.
In the list of the world’s richest billionaires published by Forbes magazine on March 5, in addition to the leading ranks, there is not much disturbance with the champion still belonging to Amazon boss, billionaire Jeff Bezos. The public is paying attention to a very young girl, Kylie Jenner – founder of Kylie Cosmetics Company, who has just become the youngest self-made billionaire in the world.
Jenner currently owns a fortune of 1.02 billion USD, a new milestone that brings the young girl into the “village” of world billionaires confirmed by Forbes magazine on March 5. For comparison, at the age of 21, billionaire Mark Zuckerberg – the owner of Facebook company, has not yet become a billionaire but had to wait until 2 years later.
Jenner only founded Kylie Cosmetics in 2015 and business took off after that. Last year alone, the company announced an income of 360 million USD, an increase of 9% compared to 2017.
The 21-year-old girl’s Kylie Cosmetics “empire” includes only 7 full-time employees and 5 part-time employees. Kylie Cosmetics Company outsources all stages to its own partners: production and packaging with Seed Beauty Company, and sales and order fulfillment with Shopify.
The explanation for this rapid success, according to Forbes, is due to Kylie Cosmetics’ exclusive distribution contract with retailer Ulta and their more than a thousand stores.
Photo: BLOOMBERG
During the 3 years since its founding, Kylie Cosmetics has only sold cosmetics online and in a few small stores. But after signing a distribution deal with Ulta, the company began offering lip care accessories for $29 and in just 6 weeks, they sold a total of $54.5 million worth of products at the chain stores. by Ulta.
“That’s the power of social media,” Jenner admitted to Fortune magazine. “I had strong interest before I could start anything.”
According to Bloomberg, Jenner owns 90% of her company and the rest is attributed to her mother, Kris – who receives compensation from company management, public relations and finance.
Bloomberg news agency defines self-made people as those who do not inherit property through marriage, inheritance or bequests.
