Forbes magazine has reported that TV and shapewear tycoon Kim Kardashian West is now officially a billionaire.
This is the first time that the Keeping Up With The Kardashians star has joined the list of the World’s Billionaires. According to Forbes, her net worth has gone from $780m in October to the complete billion.
Kardashian owns two famous and quite lucrative fashion and make-up lines; Skims and KKW Beauty. But the two brands are not the only determinants to have made up her billion. Kim’s pay from her family reality TV show Keeping Up With The Kardashian, Instagram endorsement deals, and various other smaller investments have also contributed to her big billion milestone achievement.
Initially offering only contour kits, Kim Kardashian West launched her KKW Beauty line back in 2017 and has since been expanding it by adding different other beauty and make-up items like concealers, lipsticks, eyeshadow, and fragrances.
Reportedly, Kim signed a deal with the cosmetic giant Coty in which she sold 20 per cent of KKW Beauty to Coty for a wholesome amount of $200 million, thus valuing her company at $1 billion.
Kim is not the only one from her family to have been officially announced a billionaire. In 2019, Forbes had declared her youngest sister Kylie Jenner, who too has a cosmetic company known as Kylie Cosmetics, to be the world’s youngest self-made billionaire. However, Kylie no longer holds the title as in May 2020, Forbes claimed that the team at Kylie Cosmetics had inflated the sales figure and forged tax returns to lift up her net worth.
As per Forbes Magazine’s report, the sales for Kim’s shapewear line Skims particularly increased during the Coronavirus pandemic as the brand added loungewear into its offerings and people got more comfortable wearing loose clothes all day.
Since Skims does not reveal the profits itself but a source close to the team at Skims shared with Forbes that the company made a transaction according to which it currently is valued at $500 million, and as Kim holds the majority of the shares of the company, Forbes has estimated her share to be around $225 million. This helped Forbes to add Kim to the $1 billion list.
West has also made some investments in blue-chip stocks such as Amazon, Disney Adidas, and Netflix herself while some shares were gifted to her by her husband Kanye West in Christmas 2017. Other than this, Kim has invested in real estate too. Meanwhile, she receives at least $10 million before-tax earnings every year from Keeping Up With The Kardashians ever since it kicked off in 2012. Also, there are KUWTK endorsement deals, mobile apps, and games that added up to her updated billionaire status.