Kim Kardashian’s little sister, new mom and founder of Kylie Cosmetics, Kylie Jenner covers Forbes annual America’s Women Billionaieres cover where they say “at 21 she’s set to be the youngest self-made billionaire.”
Quite a declaration for someone that’s not yet legal [she’s 20], but critics and fans alike took issue with Forbes dubbing Kylie “self-made.”
Yes she’s successful and at this rate with her ultra-celebrity and the beauty business booming she more than likely will cross the billion mark, but self-made? Eh…
Forbes Reports:
“Kylie Cosmetics launched two years ago with a $29 “lip kit” consisting of a matching set of lipstick and lip liner, and has sold more than $630 million worth of makeup since, including an estimated $330 million in 2017. Even using a conservative multiple, and applying our standard 20% discount, Forbes values her company, which has since added other cosmetics like eye shadow and concealer, at nearly $800 million. Jenner owns 100% of it.”
Add to that the millions she’s earned from TV programs and endorsing products like Puma shoes and PacSun clothing, and $60 million in estimated after-tax dividends she’s taken from her company, and she’s conservatively worth $900 million, which along with her age makes her the youngest person on the fourth annual ranking of America’s Richest Self-Made Women. (We estimate that 37-year-old Kardashian West, for comparison, is worth $350 million.) But she’s not just making history as a woman. Another year of growth will make her the youngest self-made billionaire ever, male or female, trumping Mark Zuckerberg, who became a billionaire at age 23. (Snapchat’s Evan Spiegel also became a billionaire in his early 20s, though it’s less clear when he passed that threshold.)
Ultimately their fortunes all derive from the same place. “Social media is an amazing platform,” Jenner says. “I have such easy access to my fans and my customers.”
That and a large dose of tastemaking are pretty much her entire business, an invention of the Instagram age. Hewlett and Packard immortalized the garage–Jenner has her (or her mom’s) kitchen table. Her near-billion-dollar empire consists of just seven full-time and five part-time employees. Manufacturing and packaging? Outsourced to Seed Beauty, a private-label producer in nearby Oxnard, California. Sales and fulfillment? Outsourced to the online outlet Shopify. Finance and PR? Her shrewd mother, Kris, handles the actual business stuff, in exchange for the 10% management cut she takes from all her children. As ultralight startups go, Jenner’s operation is essentially air. And because of those minuscule overhead and marketing costs, the profits are outsize and go right into Jenner’s pocket. Read the rest of the article here.
Writer, activist and internet personality Franchesca Ramsey was one of the many voices that took issue with Kylie Jenner being dubbed “self-made.”
erm. being born into extreme wealth & instant fame is the exact opposite of “self made” https://t.co/c9rZyx03Al
— Franchesca Ramsey (@chescaleigh) July 11, 2018
starting on 3rd base makes it real easy to get a home run. acknowledging that doesn't take away that person's success or wealth. i'll never understand why people on this app put on capes for folks who don't give a fuck about them. but go off i guess.
— Franchesca Ramsey (@chescaleigh) July 11, 2018
i apologize for saying Kylie Jenner was "born into wealth & fame" i totally ignored that she invested HER OWN 250k from modeling jobs she EARNED after using her reality tv checks to get plastic surgery to get modeling jobs & brand endorsements to start her company #SelfMadeWomen
— Franchesca Ramsey (@chescaleigh) July 11, 2018
the lesson here is that if your parents have the connections to shop a reality show that launches when you're 10 so you're famous from childhood & have very famous siblings, maybe you too can pull yourself up from your bootstraps & start a company valued at billions #goals
— Franchesca Ramsey (@chescaleigh) July 11, 2018
unfortunately when i was a teenager i didn't have Kylie Jenner to look up to. full lips weren't "like a thing" before her. my parents did have Olympic medals, brand endorsements, experience managing online personalities or any experience negotiating licensing deals on sex tapes.
— Franchesca Ramsey (@chescaleigh) July 11, 2018
it was wrong of me "come for" a young woman who's sacrificed SO MUCH to chase her dreams of repackage colorpop lip gloss AND put full lips on the map. as a black woman stating facts is really aggressive and threatening to the status quo. i should know better.
— Franchesca Ramsey (@chescaleigh) July 11, 2018
please respect my privacy as i take a break from social media to think about how my tweets have negatively affected a "self made" billionaire who's never heard of me. the stans for opening my eyes. the perspective you have given me is worth a thousand kylie lip kits #ad
— Franchesca Ramsey (@chescaleigh) July 11, 2018
omg seeeew many typos! thank goodness Kim is prioritizing an edit button for twitter after she ends mass incarceration
— Franchesca Ramsey (@chescaleigh) July 11, 2018
What are your thoughts?
Does Franchesca have a point, or is Kylie self-made and should be addressed as such?
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