Forbes magazine had titled her as the "youngest self-made billionaire" and waded into controversy with many people pointing out how she was born in a family of privilege and fame
Forbes magazine recently compiled its annual list and rankings of billionaires that featured among others a host of young entrepreneurs and rising Turks. One among them was Instagram and reality star, Kylie Jenner, one of the youngest members of the Kardashian family. With an estimated worth of $900 million arising out of her make-up business, Kylie Cosmetics, earnings from her reality show Keeping Up With The Kardashians, endorsements and brand deals, Forbes concluded that at 20 years (she will be 21 in August) she was poised to become a billionaire very soon. She was given the title of the "youngest self-made billionaire" and featured in the cover of the magazine. However soon after this story was out, pandemonium ensured on social media between her fans and those who dissed her status as a billionaire. Conversation on the internet mostly surrounded around how she was not really "self-made" when in fact she was born in a family of privilege and wealth already. Jenner however, has defended herself and the self-made made tag reports People. Jenner acknowledged that she got a platform that no normal person would have got - her family and fame - but she said that was about as much of the help that she took from her family. The rest was her own doing.
She said that her massive fortune is entirely of her own making. “There’s really no other word to use other than self-made because that is the truth. That is the category that I fall under. I am a special case because before I started Kylie Cosmetics, I had a huge platform and lots of fans,” she said. Jenner also pointed out how she has not taken money from her family since she was 15 years. “I did not get money from my parents past the age of 15. I used 100 percent of my own money to start the company, not a dime in my bank account is inherited… and I am very proud of that,” she said.
While she did believe in the concept of her business she said that was quite surprised at the quick growth and it's booming success. She said, “I never thought that this could happen. I believed in Kylie Cosmetics but I didn’t even know what I was getting myself into. It feels amazing, it’s wild, and being the youngest ever to do it is a blessing. I now want to focus on giving back to people and doing things that I’m passionate about.”
Along with the self-made status, Forbes also predicted that she might soon overtake even Mark Zuckerberg's status as the youngest billionare. He became a billionaire at 23 years. Asked how she would be remembered she said, as someone who “pushed boundaries, inspired them, worked incredibly hard, set trends, and made history with my business — all at a young age. I hope to inspire other young women to know that there are no limits and to work hard for what you believe in.”
Revenue of Kylie Cosmetics climbed 9 percent to an estimated $360 million, with the overall valuation of the brand estimated at $900 million. Part of the reason for the massive growth in such a short time was her tie-up with Ulta, the beauty retail brand last year. The Forbes article highlights that signing the exclusive distribution deal with Ulta that sent Jenner's products into its 1,000-plus stores that skyrocketed sales of her products.
One of the funniest things on here was when Forbes ran that self made billionaire story on Kylie Jenner and people were angry at the 'self made' part not the 'billionaire' part lmao.— Zayyan (@ZayyanUmar) March 21, 2019
At 21, Kylie Jenner is the youngest-ever self-made billionaire, earning a 10-figure fortune even earlier than Mark Zuckerberg (who joined the billionaires list at 23 in 2008) https://t.co/tz9MA1WtCG #ForbesBillionaires pic.twitter.com/z7lqBYlKPm— Forbes (@Forbes) March 20, 2019
Over the next six weeks, Kylie Cosmetics sold $54.5 million worth of products in Ulta the Forbes report wrote. She said “I popped up at a few stores, I did my usual social media—I did what I usually do, and it just worked,” she says. Jenner owns 100 percent of Kylie Cosmetics, which first launched in 2015 with three Lip Kits. The Forbes article further even called their estimation of Jenner's fortune as a "conservative" figure.
Not Just Kylie Cosmetics her, billion-dollar-empire also stems from her other earnings. She also rakes in product endorsements, cashes in her reality show appearances and also has clothing lines and brand deals. Jenner said that her overall success is mainly due to social media and the internet. On Instagram, she has over 129 million followers and rakes in millions for product posts alone. “It’s the power of social media. I had such a strong reach before I was able to start anything.”
Jenner also revealed how she was cut off from any financial help from her parents, Kris and Caitlyn Jenner. She said in an interview, “My parents told me I needed to make my own money, it’s time to learn how to save and spend your own money, stuff like that. What I’m trying to say is I did have a platform, but none of my money is inherited.”