It’s no news that Kylie Jenner has taken over Mark Zuckerberg’s spot as the youngest ever billionaire at the age of 21-Mark achieved this feat at 23- and she has done so maximising her celebrity status and a huge social media following to claim this spot.
There is a massive debate as to whether she is a self-made billionaire or not. However way you look at it, she has achieved a feat no other celebrity has, not even her super famous sister, Kim Kardashian! Yes, it is an undisputed fact that she comes from one of the most famous families in the world, but it’s what she has been able to do with her fame that makes her achievement compelling (let’s not forget that the 1 billion dollars isn’t her inheritance). Her fortune is mostly due to the success of her brand, Kylie Cosmetics which started out with Kylie Lip Kit but has since expanded to include other makeup products.
Kylie started her Cosmetics company in a non-traditional way. She has no factory nor does she have a massive office with a truckload of staff. Her manufacturing and packaging is outsourced, while her shipping and fulfilment is handled by another online Company. She then uses her social media platforms to inform the millions of people that follow her about her new products and collections. With the adoption of this business model, her overhead cost is kept at the barest minimum.
In her interview with Forbes, she says:
“I didn’t expect anything. I did not foresee the future.” “But [the recognition] feels really good. That’s a nice pat on the back.”
Let’s face it; Kylie is a smart business-woman. Her brand did so well online (selling out in minutes! Who does that?) but she quickly realised that selling mainly online was limiting, and she could sell even more if she had a presence in a physical store. This led to Kylie Cosmetics partnering with Ulta, which helped her to reach even more people and record more sales. Partnering with Ulta has proven to be a brilliant idea as she has been able to replicate the success she achieved online. It is reported that some Ulta stores sold out in hours.
All hail Kylie Jenner. Here’s to more billions.