Big Bank At 21!
March 7, 2019
BY Minyetta Nelson
In mid-November, Kylie Jenner marked a milestone moment with a visit to a strip mall. For the past three years, her Kylie Cosmetics had only sold its makeup online and briefly in pop up shops. But after signing an exclusive distribution deal with Ulta, the beauty retailer, Kylie Cosmetics was rolling its $29 lip kits—a matte liquid lipstick and matching lip liner—into Ulta’s 1,000-plus stores. And Jenner showed up to the Richmond Avenue Ulta in Houston to greet customers, sign autographs on lip kits and, of course, pose for selfies with her fans.
Over the next six weeks, Kylie Cosmetics sold $54.5 million worth of products in Ulta, according to estimates from Oppenheimer. Fueled in part by the Ulta expansion, Kylie Cosmetics’ revenue climbed 9% last year to an estimated $360 million. With that kind of growth, and even using a conservative multiple from the booming makeup industry, Forbes estimates Jenner’s company is worth at least $900 million. She owns all of it. Add in the cash Jenner has already pulled from the profitable business, and the 21-year-old is now a billionaire, with an estimated fortune of $1 billion. She’s the youngest-ever self-made billionaire, reaching a ten-figure fortune at a younger age than even Mark Zuckerberg (who was 23 when he hit that mark).