Kim Kardashian West has officially joined billionaires’ club

Kim Kardashian West has officially joined the billionaires' club with a net worth of $1 billion, according to Forbes Magazine.

0

Kim Kardashian West has officially joined billionaires' club www.financialstand.com

Kim Kardashian West has officially joined the ranks of Jeff Bezos, Elon Musk, and other moguls: She is officially a billionaire, according to Forbes Magazine.

Forbes released its annual “World’s Billionaire List”, which placed West on the elite list for the first time. The magazine said West’s booming businesses, KKW Beauty and Skims, helped put her over the top to achieve the billionaire benchmark when added to her television show and endorsement deals.

Kardashian West launched KKW Beauty in 2017, and Coty (COTY) acquired a 20% stake in the cosmetics line in a deal last year that valued the business at $1 billion. Forbes said her remaining stake in the business is worth about $500 million.

There’s also her other business: Skims, a collection of figure-hugging shapewear and bodysuits. Forbes said she has a majority stake in the private business, which hasn’t disclosed revenue — but a source told the magazine the company is valued “north of $500 million.” That means her stake is possibly worth $225 million, which is “enough to lift her fortune to $1 billion,” per Forbes.

Kardashian West also holds assets in cash, investments, and real estate. And though the family’s long-running E! show is about to end, a new deal with Hulu to create content will keep the TV money flowing.

It’s not the first time the Kardashian-Jenner family has appeared on a Forbes list. The magazine previously sparked controversy for crowning her younger sister Kylie Jenner the youngest-ever self-made billionaire at 21 years old. Critics argued Jenner can’t be considered self-made because she comes from a wealthy, well-known family.

In February, Kardashian West filed for divorce from Kanye West, citing irreconcilable differences. Kanye himself is worth a reported $6.6 billion with the vast majority of his wealth tied in his apparel businesses.

How did Kim Kardashian West make it?

Forbes calculated that the 40-year-old’s worth had risen to $1bn from $780m in October thanks especially to her stakes in the KKW Beauty cosmetics business and the Skims shapewear company.

KKW Beauty was launched in 2017 and Skims just two years ago after the initial brand name Kimono was dropped following accusations of cultural appropriation.

Ms. Kardashian West sold 20% of KKW Beauty to cosmetics giant Coty last year for $200m, in a deal valuing the business at $1bn.

Her most recent project Skims offers underwear and loungewear in the founder’s signature minimalist style and has proven successful during the work-from-home era.

The celebrity has used her huge social media presence (213m followers on Instagram; 69.7m followers on Twitter) during the coronavirus lockdowns to promote Skims loungewear.

She first found fame in 2007 as the star of the E! Television reality series about her family, Keeping up with the Kardashians, and has remained hugely popular since.

In February she reportedly filed for divorce from rapper Kanye West after being married for almost seven years and having four children together.

Get real time updates directly on you device, subscribe now.

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More