On the latest list of billionaires released by Forbes, people are surprised to find that 21-year-old Kylie Jenner has become the youngest self-made billionaire in history with a fortune of $1 billion of her own makeup brand Kylie cosmetics.
This time, Kylie Jenner broke Facebook founder Mark Zuckerberg’s 23-year-old record of being the youngest self-made billionaire in history.
Kylie cosmetics is valued at $900 million and is expected to reach $1 billion by 2022. Kylie cosmetics signed an exclusive distribution agreement with ulta, a beauty retailer, last summer, which quickly boosted sales of its products. In the first six weeks of the agreement, Kylie cosmology’s products sold as much as $54.5 million in ulta stores.
Many netizens have doubts about Kylie Jenner’s “self-made” nature. They think that Kylie Jenner’s background of golden spoon origin and the aura of popularity brought by her early participation in reality shows have long been “open” among her peers. In any case, Kylie cosmetics, as an independent cosmetics brand, has achieved an annual sales performance of $360 million, which is really eye-catching.
Kylie Jenner admits that the brand of make-up is inspired by her obsession with YouTube tutorials and the confidence that secondary make-up gives her. Two years before Kylie cosmology was officially launched, 17-year-old Kylie Jenner registered as Kylie Lip Kit. Less than six weeks later, her mother and brand manager, Kris Jenner, decided to work with seed beauty, a beauty brand incubator.
In November 30, 2015, Kylie Jenner launched the $29 Kylie Lip Kit lipstick sold out in just a few minutes. Within 18 months, the company’s sales reached $420 million. The holiday series, launched in 2016, sold nearly $19 million a day. By contrast, the first product of kkw beauty, the new cosmetics brand of Kardashian West, had sales of only about $14.4 million.
Kylie Jenner’s make-up Empire, however, has only seven full-time and five part-time employees. Manufacturing and packaging are outsourced to private brand manufacturers near Oxnard, California, and sales and fulfillment are handled by online businesses. Her mother is in charge of Finance and public relations. Marketing is mainly done through social media, among which Kylie Jenner, who has a large number of fans, is the best advertisement.
Kylie Jenner has 128 million insagram fans and 26.7 million on twitter. According to an earlier survey by d’marie analytics, a social media research company, Kylie Jenner, founder of Kylie cosmetics, a reality TV star and model, has replaced Beyonc é, the American singer, as the most valuable opinion leader on social media. The influence of super net red and its strong ability to bring goods have made Kylie Jenner’s self created cosmetics brand popular among countless young women.
In addition, one of the reasons why Kylie cosmotics products are popular is limited release and hunger marketing, and eventually they all sell out. Seed beauty co-founder Laura Nelson told Vanity Fair magazine: “the rumors that seed beauty and Kylie cosmology deliberately create a sense of scarcity are completely groundless. We run our factories 24 hours a day to meet demand, which is really the maximum we can do.”
Kylie Jenner said in an interview with the magazine last year that people don’t treat her as a professional woman because of her reputation and age. But when the huge empire of makeup and brilliant achievements are obvious to all, people may have quietly changed their views.
“I want to prove their point wrong.” Kylie Jenner said.
Post time: Feb-25-2021
