Articles
Kylie Jenner- Model, Star, Entrepreneur, Billionaire!
When Kylie Jenner first appeared on Keeping Up with the Kardashians (2007,) an American reality television show, she was just a 10 year old kid. Fast Forward to 2019, no one in the world would have in their wildest dreams expected Kylie to become the youngest self made billionaire in the world. Kylie Jenner made sure to capitalise on her fame and popularity to turn her name and herself into a brand that is desired by millenials everywhere.
Beginning
Kylie Jenner first appeared in Keeping Up with the Kardashians, a reality show that focussed on the professional and personal lives of the Kardashian clan. The show became wildly popular with viewers and Kylie Jenner even ended up getting a mini series of her own named, Life Of Kylie. Ever since social media applications like Instagram and Snapchat were launched, call it luck or foresight, the Kardashians were quick to realise the power of social media and Kylie was no exception. Kylie launched a clothing brand with her sister Kendall named Kendall and Kylie in 2012. Later on Kylie launched Kylie Cosmetics in 2015. A business which would go on to make money and crown Kylie Jenner as the world’s youngest billionaire. Kylie Cosmetics revenue climbed to 360 million dollars in 2018 fueled in part by the partnership with Ulta Beauty. As of 2019 Forbes estimated Kylie Cosmetics to be valued at 900 million dollars.
Becoming A Billionaire
When Kylie Jenner launched Kylie Cosmetics, she used $ 250,000 of her own money from brand sponsorships and modelling jobs as an investment to create an initial line of her $29 lipsticks. However her rise in fortune did not begin until Kylie signed an exclusive distribution deal with Ulta Beauty. The deal let Kylie distribute and sell her lip kits through Ulta Beauty’s 1000 plus stores. Once the partnership took off, Kylie sold $ 54.5 million worth of goods. Another reason for the growth of Kylie’s fortune can be attributed to the minimal overheads available. Kylie Cosmetics has six full time and five part time employees. As for marketing, Kylie has at her disposal a whopping 150 million followers on Instagram, 34.1 million followers on Twitter and 22.5 million followers on Facebook, where she shares news related to her products and new launches. According to a market research it is found Instagram to be the top platform for brand discoverability, YouTube for shopping recommendations, and Snapchat to document their shopping experiences. Kylie makes sure she focuses on those channels with her brand and sales strategy to generate her profits.
Out of the box marketing by Kylie
The most important factor is perhaps Kylie’s mother and manager Kris Jenner, who manages public relations and finances in return for a 10% management fee. Manufacturing and packaging is outsourced to Seed Beauty, a private-label producer in Oxnard, California. Sales is outsourced to online outlet Shopify, finance is managed by mother Kris Jenner. These contribute to minimal overheads for Kylie Cosmetics.
Kylie Jenner was crowned as the world’s youngest self made billionaire with a net worth of 1 billion dollars in 2019. Kylie’s almost religious fan following, coupled with shrewd marketing and Kris Jenner’s oversight, she now sits at the head of the table. Kylie Jenner will surely be studied in marketing schools as a case study for how to leverage social media.
ALSO READ: Most Followed Influencer Accounts On Instagram
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