Kylie Jenner is well on her way to becoming a young billionaire.
Kris Jenner told Women’s Wear Daily (WWD) that her daughter’s business Kylie Cosmetics, which includes her coveted Lip Kits, has made $420 million in retail sales since its official launch 18 months ago.
The company is projected to make $386 million in 2017, a 25 percent increase, the outlet reported Wednesday (August 9).
If that growth trajectory continues, Kylie Cosmetics, wholly conceptualized, founded and helmed by Kylie, is on track to become beauty’s next billion-dollar brand by 2022.
It was the first time the Jenners have disclosed the scale of Kylie’s business, and they provided WWD with documentation.
Kylie Jenner, who turned 20 on Thursday (August 10), dropped her first Lip Kits in late 2015 as a test line and established her company’s name a few months later.
The Lip Kits, her signature product, are so popular that new editions often sell out instantly after being introduced online, typically by Kylie herself, via Snapchat.
“In the beginning I didn’t really know what my vision was,” Kylie Jenner told WWD.
“I didn’t know if I wanted to keep my whole line the same, consistent. And then I think I realized over time that I like to switch it up, so I just wanted, that’s where I kind of started creating my collections and just changing all my vials pink if I wanted to and doing fun unit cartons and just really, just having fun with the line.”
The 20-year-old revealed that she wasn’t sure how successful the product would be.
“Launch day, I refreshed the page about a minute after we launched and everything was sold out,” she said.
“I thought there was a glitch at first.”
For perspective, according to WWD, Tom Ford Beauty, which is owned by Estée Lauder Cos. Inc. and considered one of the fastest growing brands in their portfolio, was reported as making only US$500 million over a decade.
Lauder’s Bobbi Brown brand reached US$1 billion after 25 years, and L’Oreal’s Lancome took a 80 years before finally reaching US$1 billion in 2015.
Kylie Lip Kits formally became Kylie Cosmetics in February 2016, with a relaunch of the three original lip kits and three new shades for Valentine’s Day.
The initial line in November 2015 was seen as a test and only 5,000 of each $29 matte lipstick and corresponding lip liner were made (or 15,000 units total).
“I do want stores, my own store,” Kylie Jenner told the WWD of how she plans to expand her beauty empire.
“It think it’s time people walk into a store and see Kylie Cosmetics.”
As to whether she competes with her sister, Kim Kardashian West, whose own beauty line, KKW Cosmetics, debuted this summer, selling out in minutes, Kylie explained that the sisters are nothing but supportive of each other in all of their endeavors.
“We respect when we launch new things. We make sure there isn’t overlap,” she explained.
“But there is room for the both of us in the makeup world.”
Kris Jenner shared that her daughter has “the most amazing work ethic of anyone” she’d ever met.
“I think people were surprised that the brand is so successful because it’s something that Kylie’s created but didn’t really expect the whole business to be the perfect storm,” Kris Jenner, who is also Kylie’s manager, told WWD.
“One they tried it, saw it, wore it, were able to experiment with it, and it’s such a great product and it’s so well done, it just kind of exploded and I think that people were thinking, ‘Oh, OK, is she really a player in this business?’ And I think she proved that she is.”
“Kylie is hardworking, creative, focused and she has the most amazing work ethic of anybody I’d ever met in my life and she really considers this her true passion, but an honour and a huge responsibility,” Kris added.
“And I see that and I think, ‘This is my little mogul. She’s amazing.’”