Goodbye Kylie Jenner, Hello Kim Kardashian. The Keeping Up With the Kardashians star is now one step closer to billionaire status. So how did she make her fortune?
Kim launched her now billion-dollar company, KKW Beauty in June of 2017. The announcement came soon after Kim collaborated with baby sister, Kylie Jenner, on a line of nude lipsticks for Kylie Cosmetics. By that time, Kardashian was already a household name thanks to the success of Keeping Up With the Kardashians which largely centered around the life of her and sisters Khloe Kardashian and Kourtney Kardashian. The beauty guru is known for establishing contouring as a fundamental part of any makeup routine. Kim attributes her defined features to her contour routine and has since made the products associated with the practice a fundamental part of her company.
Harper’s Bazaar announced the news of KKW Beauty’s $1 billion value on June 29. Kim sold a 20% stake of KKW Beauty to Coty, bringing the company’s net worth to just over $1 billion. The deal brought in $200 million to Kim vaulting her fortune to over $900 million. Harper’s Bazaar originally reported the sale made Kim a billionaire but Forbes later reported her fortune is estimated at $900 million. Coty will expand the business but Kim, who still holds a 72% stake in the company, will retain creative control. The other 8% share is owned by Kim’s mother, Kris Jenner. Neither Kim no Kris have commented on the sale. The brand will now expand into skincare, haircare, and nail products.
The news comes after Forbes stripped Kylie Jenner of her billionaire status in early June. When Kylie sold a 51% stake of Kylie Cosmetics to Coty, details revealed the company is worth less than Forbes was originally led to believe. Kylie’s fortune ranks at just under $900 million meaning Kim has surpassed Kylie as the highest-earning member of the Kardashian-Jenner clan. Kim also owns a fragrance line, KKW fragrance, and a shapewear line, SKIMS. In a statement, Kim expressed how the sale will allow her to focus more on the creative aspects of her brand which she is most passionate about.
With the sale, Kim is continuing to establish herself as one of the most influential reality tv personalities and beauty moguls of this generation. Kim’s husband, Kanye West, was already named a billionaire earlier this year. Kim has expressed in interviews before that she has been working towards the billionaire status and now the milestone seems closer than ever. The success would be warranted considering Kim’s undying work ethic and ability to capitalize off of her original jump start to fame. While she may not be a billionaire yet, it’s safe to say she will likely achieve the status in the near future.
Source: Harper's Bazaar, Forbes