Kim Kardashian Has Officially Reached Billionaire Status
Kim Kardashian has officially been deemed a billionaire, thanks mostly to her makeup and shapewear lines.
According to Forbes, Kim K joins their World’s Billionaires list for the first time. Kardashian’s net worth jumped to a billion, up from around $780 million the last time the magazine checked in October. The Forbes team says Kardashian’s lucrative businesses — her cosmetics line, KKW Beauty and her SKIMS brand, as well as cash from reality television and endorsement deals, and a number of smaller investments including real estate all contributed to the increased wealth.
Kardashian founded KKW Beauty in 2017, following the success of sister Kylie Jenner’s Kylie Cosmetics, Forbes reported. She borrowed from Kylie’s game plan, using a similar direct-to-consumer model that relies heavily on social media marketing. By 2018, the business was bringing in about $100 million in revenue annually. Then, she cashed in on selling 20% of KKW Beauty ownership to cosmetics conglomerate Coty for $200 million, a deal that valued the company at $1 billion. Her remaining 72% stake in the company is worth around $500 million on its own.
Kim K’s next biggest attribution to her newfound wealth goes to SKIMS, the shapewear line she launched in 2019. During the pandemic, when consumers became more interested in comfortable clothes, Kardashian started turning the focus to loungewear. She owns a majority stake in the brand, but hasn’t disclosed its revenues. The shapewear company is reportedly valued at $500 million, estimating Kardashian’s stake worth to be $225 million, enough to lift her fortune to $1 billion. Since 2012, Forbes says she’s been collecting at least $10 million a year pre-tax from Keeping Up With the Kardashians, endorsement deals and endeavors like her mobile game and now-defunct Kimoji app.
She now joins her own sister, Kylie, who became a billionaire with her own makeup empire, and her estranged husband, Kanye West, gossip web site TMZ reports.