Monday, April 15, 2024
More

    Latest Posts

    Tariff hike: FG begs workers as electricity union insists on strike

    The Federal Government has appealed to members of the National Union of Electricity Employees not to down tools over the recent electricity tariff hike. This...

    Edo govt demolishes Shaibu’s residence security post

    OFFICIALS of the Edo State State Network and members of the Public Works Volunteers, on Sunday, pulled down the security post in front of...

    Bobrisky treated as normal inmate – NCS officials

    Controversial crossdresser, Idris Okuneye, aka Bobrisky, who was handed a six-month prison sentence over naira abuse, currently shares the same cell with male inmates...

    Labour asks FG to unveil new minimum wage May 1

    The organised labour, on Sunday, listed its expectations ahead of the 2024 Workers’Day, calling on the Federal Government to announce a new minimum wage...

    Kim Kardashian West becomes billionaire

    With KKW Beauty and popular shapewear firm Skims, American reality show star, Kardashian West’s net worth increases to $1 billion, earning her a spot on Forbes’ World’s Billionaires List.

    When Kim Kardashian West was first mentioned in the pages of Forbes in 2011, it was simply a tally of her Twitter followers: 6.6 million, just below Barack Obama and just above Ashton Kutcher.

    Five years later, she graced the cover of Forbes thanks to her booming mobile game, which helped her earn $51 million that year. Now, she officially joins the World’s Billionaires list for the first time.

    Forbes estimates that Kardashian West is now worth $1 billion, up from $780 million in October, thanks to two lucrative businesses—KKW Beauty and Skims—as well as cash from reality television and endorsement deals, and several smaller investments.

    Kardashian West founded KKW Beauty in 2017, following the success of her half-sister Kylie Jenner’s Kylie Cosmetics. She borrowed from Kylie’s playbook, using a similar direct-to-consumer model that relies heavily on social media marketing.

    Her first launch, 300,000 contour kits, sold out within two hours. By 2018, the business had expanded into eyeshadows, concealers, lipsticks and fragrances, and was bringing in about $100 million in revenue.

    “It’s the first time I’ve moved away from having licensing deals and transitioned into being an owner,” Kardashian West told Forbes in 2017 when she announced her cosmetics line.

    She cashed in on that ownership last year when she sold 20% of KKW Beauty to cosmetics conglomerate Coty for $200 million, a deal that valued the company at $1 billion.

    While Forbes estimates that figure is a little bloated—Coty, which also bought 51% of Kylie Cosmetics in 2020, is known for overpaying. Her remaining 72% stake is still worth about $500 million.

    Then there’s Skims, the shapewear line Kardashian West launched in 2019. She raised money from fashion insiders like Net-a-Porter’s Natalie Massane and Theory’s Andrew Rosen, and capitalized on her massive social media following to shill the brand- she now has 69.6 million Twitter followers and 213 million followers on Instagram.

    During the pandemic, when consumers became more interested in comfy clothes for the couch than in smoothing their stomachs under evening gowns, she swiftly started turning the focus to loungewear.

    Kardashian West owns a majority stake in closely-held Skims, which hasn’t disclosed its revenues. A source familiar with Skims told Forbes about a transaction that values the shapewear company at about $500 million. As a result, Forbes estimates her Skims stake is worth a conservative $225 million, enough to lift her fortune to $1 billion.

    The rest of Kardashian West’s fortune sits in cash and investments, including real estate. Every year since 2012, she has earned at least $10 million pretax, by Forbes’ count, thanks to paychecks from Keeping Up With the Kardashians, endorsement deals and endeavours like the aforementioned mobile game and her now-defunct Kimoji app.

    She also has three properties in Calabasas, northwest of Los Angeles, and a portfolio of blue-chip investments, including shares of Disney, Amazon, Netflix and Adidas that her soon-to-be ex-husband Kanye West gifted her for Christmas in 2017.

    But it’s the companies that she has launched herself, and grown with the typical Kardashian flare for self-promotion, that lands her on the World’s Billionaires list.

    As she tweeted the day she made the cover of Forbes, mocking the criticism she’s received for years: “Not bad for a girl with no talent.”

    Latest Posts

    Tariff hike: FG begs workers as electricity union insists on strike

    The Federal Government has appealed to members of the National Union of Electricity Employees not to down tools over the recent electricity tariff hike. This...

    Edo govt demolishes Shaibu’s residence security post

    OFFICIALS of the Edo State State Network and members of the Public Works Volunteers, on Sunday, pulled down the security post in front of...

    Bobrisky treated as normal inmate – NCS officials

    Controversial crossdresser, Idris Okuneye, aka Bobrisky, who was handed a six-month prison sentence over naira abuse, currently shares the same cell with male inmates...

    Labour asks FG to unveil new minimum wage May 1

    The organised labour, on Sunday, listed its expectations ahead of the 2024 Workers’Day, calling on the Federal Government to announce a new minimum wage...

    Don't Miss

    JAMB uncovers 1,665 fake A-level results during DE registration

    The Joint Admissions and Matriculation Board said it uncovered at least 1,665 fake A’level results during the 2023 Direct Entry registration exercise. The board also...

    Lagos, Ogun fuel stations shut over supply disruptions

    There was palpable tension in some parts of Lagos on Monday as a number of fuel stations were shut over supply disruptions. When The PUNCH...

    Let’s stop telling girls to be less confident – Ayra Starr to Nigerians

    Nigerian singer Ayra Starr has encouraged women to embrace their confident side without being humble about it. The singer recently appeared as a guest on...

    Autism: First lady calls for early diagnosis, inclusion

    First Lady, Oluremi Tinubu, has called for early diagnosis and intervention for individuals with autism. She disclosed in a statement on Tuesday to mark the...

    NEC sits over state police as govs plan forest guards

    The National Economic Council will reconvene later this month as more state governments have submitted their reports on the establishment of state police, The...

    Stay in touch

    To be updated with all the latest news, offers and special announcements.