Kylie Jenner has become the worlds youngest billionaire after the successful partnership of Kylie Cosmetics with Ulta. The star is only 21-years-old.
A few months ago, Jenner made a huge splash after a Forbes article done on her revealed that she was set to be the worlds youngest billionaire. Jenner has finally achieved just that as her net worth has soared past the billion dollar mark. The record was previously held by Mark Zuckerberg, who became a billionaire at the age of 23.
Jenner took her business over this major milestone through a strategic partnership with Ulta. For the last three years, she exclusively sold makeup online and occasionally at the pop-up shops across the countries. Recently, however, she signed an exclusive deal with Ulta, placing her makeup at the Ulta stores across the US.
In just six weeks, Jenner then managed to sell about $54.5 million worth of products in Ulta according to Oppenheimer. She told Forbes, “I popped up at a few stores, I did my usual social media—I did what I usually do, and it just worked”. Talking about her billion dollar net worth, she said, “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.”
The secret behind Jenner’s huge profits are the tiny overheads in her business structure. She only has seven full time and five part-time employees and outsources manufacturing, packaging, labeling, sales, fulfillment, finance and PR to private companies and her mother Kris Jenner, who takes 10% of sales in return.
Her marketing is done for free via social media, where she has an audience of over 175 million followers across platforms. Jenner said, “It’s the power of social media. I had such a strong reach before I was able to start anything.” Placing her products in Ulta has now allowed her to reach “people that would never buy my products online.”
While Jenner is totally against the idea of a sale, Kris Jenner said, “It’s always something that we’re willing to explore.” According to Jenner herself, “I see [Kylie Cosmetics] going very far. I work really hard.”
Jenner is now working on introducing setting powders, new bronzers and eye shadows to her brand.