Thursday, March 07, 2019

Youngest billionaire accredits wealth to "social media"

Whether you like her or not, you can't deny that Kylie Jenner is both famous and wealthy. The model, actress, turned businesswoman, now historical figure was just named the youngest billionaire by Forbes magazine. The article spurred controversy as it presented Jenner as a 'self-made' success. Arguably, her fame can be attributed to multiple sources, including her family's name, her big sister Kim K. West's scandalous sex tape, their documentary-esque series KUWTK, and her relationship with iconic pop figures such as Travis Scott and Kanye West. But the question becomes, why did Kylie, the youngest of the sisters, outdo Kim K., the sister that started it all? Both Kylie and Kim have makeup lines and both share an entrepreneurial interest. Yet, only one sister has skyrocketed at such a young age.

In an interview, Kylie explained that her success was driven by and through social media. Admittedly, she's won many accolades in digital platforms, such as receiving the most likes in an instagram picture and the millions of followers in snapchat, youtube and facebook. Jenner's popularity grew before her cosmetics line, however, as she repped brands such as Nike and Puma for a profit. She was an influencer in many platforms and made nearly 1M per picture endorsing a product, says Netbase.com. Jenner's token lip kits became the foundation for her make-up line; she started selling 15,000 kits online for $29 each, "teasing her followers." Once these sold out in minutes, Jenner got the hint that she had something valuable to offer, says the Washington Post. By Feb, she "stocked 500,000 more" kits and by the end of the first year, she made $307 Million in sales. Jenner has now expanded to other products and has partnered with brick and mortar stores such as the ULTA branch among others. It is indeed impressive how this star made her fortune, and now she's known to have reached the billion mark before Mark Zuckerberg, the previously named youngest billionaire.

No comments: