Celebrity Net Worth is back at it again, this time with new details surrounding Kylie Jenner’s billionaire status.
When Forbes named Kylie the world’s youngest billionaire, and a self-made one too at that, the media outlet came out strongly to disagree.
They placed her net worth somewhere around $300 million, and made sure to point out that there was no way the young entrepreneur could be self-made, given her upbringing in one of the most famous reality television families. It’s not like the name ‘Kardashian’ was anything new when this young entrepreneur launched her business.
Come November, the outlet has been dancing to a different tune. With the sale of 51% of her Kylie Cosmetics brand, for which she bagged $600 million (in cash), they now agree that Kylie is finally a billionaire.
So, who was ready to fork out $600m for Kylie’s brand? Coty Inc., the cosmetics conglomerate, was able and willing to acquire a major stake in the company, especially since Kylie Cosmetics had grown into a stiff competitor.
The Reimann Family
Coty Inc. is part of a larger conglomerate with roots in Germany, JAB. You may know them since they own Panera Bread and Krispy Kreme, but what you may not know is that the Reimann family owns JAB.
You’ve certainly heard of them, no? Just recently, the family pledged and made good on their promise to donate $11.4 million. This act of philanthropy wasn’t out of the blues though; they learned of their family tree’s dark past, and the donation was an act intended to wipe the slate clean.
As it turns out, some of the Reimanns were members of the Nazi party during WWII, most notably Albert Reimann Sr. and Jr., two of the most vocal supporters of Adolf Hitler, who used the prisoners Hitler’s regime captured as free labor.
Moving on from this skeleton in the family’s closet, you have to admit that the later generations have established themselves as outstanding entrepreneurs despite the woes of their ancestors.
Thanks to their exploits, JAB has been quietly acquiring some of the most popular brands in the US. They now own Einstein Bagels, Krispy Kreme, Keurig, Noah’s Bagels, Peet’s Coffee & Tea, Stumptown Coffee, and Caribou Coffee, to mention but a few.
Away from food and coffee brands, JAB also owns Coty Cosmetics, Reckitt Benckiser, and their latest acquisition – Kylie Cosmetics. Thinking about it, JAB only goes after the best players in whichever market, don’t you agree?
Kylie launched her brand four years ago and within one-and-a-half years, Kylie Cosmetics had generated revenue worth $420 million. Prior to this Coty sale, the 22-year-old owned 100% of her company.
Kris Jenner’s Idea
Initially, she wasn’t for the idea of selling. It was all her mom Kris Jenner’s idea, who doubles up as her manager. All the same, a lot of thought must have gone into making this decision, and they must both have been on board by the end of it.
Back to the Reimanns, the current generation found family documents that raised more questions than answers a few years ago. In 2014, they decided to seek these answers, hiring a historian to track the family history.
An expert revealed his findings recently, and everything was finally out in the open. The family’s spokesperson confirmed the Nazi ties to the public, admitting that the Reimanns of old were guilty. Thankfully, this negativity did not spread down the family tree.