In March 2019, she was thought to have become a billionaire, but her business failed to live up to expectations.
According to Forbes, businesswoman and reality star Kylie Jenner is the highest-paid celebrity in the year 2020.
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| Credit: Courtesy of Kylie Jenner/Instagram |
Jenner, 23, starred on her family's reality show, "Keeping up with the Kardashians" while running her own company. She is a makeup mogul, owning Kylie Cosmetics.
Jenner has made her fortune thanks to her massive followers on social media. In January 2019, the reality star sold 51 percent of her company to Coty, Inc. for $600 million.
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| Credit: Courtesy of Kylie Jenner/Instagram |
She earned $540 million before taxes out of that massive deal. As a result of the agreement between Kylie Cosmetics and Coty, Inc., Jenner's business was valued at an alleged $1.2 billion.
In March 2019, she was thought to have become a billionaire, but her business failed to live up to expectations. The truth was exposed in May 2020 when Forbes obtained the documents of the deal.
The details in the Coty filings showed that Jenner's company was less profitable. Her family had also exaggerated Jenner's company size for a long time, and she ended up losing her billionaire status.
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| Credit: Courtesy of Kylie Jenner/Instagram |
Even so, she was still honored by Forbes as the highest-paid celebrity in 2020. Her business made an estimated $200 million in revenue in 2019.
Before she has a successful business, she took $250,000 from her modeling earnings to purchase her firm's products. Jenner paid a supplier to get the first 15,000 lip kits for her company.
The investment paid off well for the company as the products sold out within the first minute of their initial public offering in 2015. Jenner claimed her company raked in $400 million that year.
Even after selling a big chunk of Kylie Cosmetics, Jenner still manages marketing and creative efforts for the company. Her net worth has been estimated at around $590 million by 2020.
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