At the age of only 40, Kim Kardashian West has managed to join the billionaire club.
Forbes officially announced the beauty mogul’s net worth has increased to $US1 billion, up from $US780 million in October.
This is largely thanks to her uber-popular companies, KKW Beauty and her shapewear line, Skims.
Kardashian West, who is currently taking a holiday, took to Instagram today with a celebratory picture captioned, “Bliss”. Her best friend, Jonathan Cheban, commented, “BILLIONAIRE VIBES”.
The mother-of-four, who is in the middle of divorce proceedings with Kanye West, first launched KKW Beauty, her makeup line, in 2017.
Her first line of products – contour kits – sold out within two hours. While KKW Beauty didn’t release official figures, it’s estimated the debut collection had 300,000 units to sell.
If this estimate is accurate, Kardashian West sold $US14.4 million worth of products in her first two hours of business with KKW Beauty.
Last year, Kardashian West sold a 20 per cent stake of KKW Beauty to cosmetics giant Coty for $US200 million.
This deal valued KKW Beauty at $US1 billion.
Kardashian West then added Skims to her bustling resume in 2019, which produces lingerie, bras, underwear, loungewear and pyjamas. Her debut collection made $US2 million in a matter of minutes.
To put this astronomical figure into context, Spanx made $US4 million in its first year of business in 1998.
Skims has continued to explode in popularity over the past year, particularly during quarantine.
Most of its collection drops sell out within a day, with customers forced to sign up to a waiting list to be in line for the next restock.
A mere seven years ago, in May 2014, Kardashian West was estimated to be worth $US45 million.
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It comes as West’s fortune reportedly soared in early March, with the rapper’s Yeezy shoe and streetwear empire surging during the pandemic.
Yeezy’s Adidas sneaker venture is now worth as much as $US4.7 billion based on the valuations of similar streetwear brands including Supreme, according to an analysis by the investment bank UBS obtained by The Post.
That’s not including a valuation of nearly $US1.2 billion for Yeezy’s upcoming Gap apparel line, which is slated to launch this summer. Both ventures are wholly owned by West, according to people close to the company.
Kardashian West’s younger half-sister, Kylie Jenner, hit billionaire status at the age of 22 thanks to her company Kylie Cosmetics.
However, Forbes stripped her of this status last year, claiming the makeup mogul had spun a “web of lies” around her wealth.
Jenner, 23, sold 51 per cent of her company to Coty in a reported $US1.2 billion deal in early 2020.
Documents released by Coty later showed her business is “significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe,” Forbes claimed.
It estimates that Jenner’s personal fortune is just under $US900 million.