Kylie Jenner was named the youngest self-made billionaire by Forbes Tuesday, meaning that the 21-year-old has just surpassed Facebook CEO Mark Zuckerberg who reached the billion-dollar mark at the age of 23.
Jenner's wealth is thanks to Kylie Cosmetics, a makeup brand that she launched in 2015. Initially the line consisted of a $29 "lip kit" featuring a matching set of lipstick and lip liner but her company soon expanded its range to include other cosmetic items, upping its estimated worth to over $900 million.
During its first year Kylie Cosmetics saw dramatic growth, soaring to $307 million in sales, Forbes noted, and a large part of the company's success has to do with smart planning.
Jenner has managed to keep her overhead costs low with a small staff by outsourcing a lot of the work. Her strong social media presence has certainly helped things along. As USA Today noted, with over 128 million Instagram followers, Jenner has an ideal platform to advertise to a loyal fan base.
“It’s the power of social media,” she told Forbes. "I had such a strong reach before I was able to start anything."
Jenner, who last year featured on the cover of Forbes Self-Made Women Issue, added that she had not anticipated the success of her company.
"I didn’t expect anything. I did not foresee the future," she told Forbes. "But [the recognition] feels really good. That’s a nice pat on the back."
Looking towards the future, Jenner said she wanted to continue expanding her product range and hoped to introduce a setting powder, eyeshadows and bronzers to the line.
"I see [Kylie Cosmetics] going very far," she told Forbes. I work really hard."
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