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Thursday, April 22, 2021

Kim Kardashian becomes a billionaire after her net worth surges by $220m

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Kim Kardashian has officially joined the Billionaires Club after Forbes estimated her net worth to be $1 billion up from $780 million, thanks to her two lucrative businesses – KKW Beauty and Skims-as well as cash from reality television.

Kardashian founded KKW Beauty in 2017, following the success of her half-sister Kylie Jenner’s Kylie Cosmetics.

Her business was so successful, such that during the launch of KKW Beauty 300 000 contour kits got sold out within two hours.

In 2018 she expanded the business into eye shadows, concealers, lipsticks, and fragrances which brought about $100 million in revenue.

Coty said Kim Kardashian West will continue to lead KKW’s creative efforts in product and communications. PHOTO: DIMITRIOS KAMBOURIS/GETTY IMAGES
Coty said Kim Kardashian West will continue to lead KKW’s creative efforts in product and communications.
PHOTO: DIMITRIOS KAMBOURIS/GETTY IMAGES

In 2020 she sold 20% of her KKW Beauty to cosmetics conglomerate Coty for $200 million and the deal valued the company at $1 billion. However, Forbes estimated that the value was a little bloated.

Then in 2019 Kim launched Skims, a shapewear line. She capitalized on her social media following to boost the brand. Skims has been quick on its feet: During the pandemic, when consumers became more interested in comfy clothes for the couch.

She holds a majority stake in the Skims, which hasn’t revealed its revenue. An inside source told Forbes that the company values at about $500 million. As a result her estimated stake at skims is about $225 million, enough to lift her fortune to a billion.

Kim was first mentioned by Forbes in 2011, it was simply a tally of her twitter followers which were slightly below Barack Obama and just above Ashton Kutcher.

In 2016 she was in the papers for having a mobile game which helped her gain $51 million. The rest of her fortune sits in cash investments that include real estate and endorsement deals.

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