Fashion and beauty moguls show more gains on 2019 Forbes list of America’s richest self-made women

June 4, 2019

by Yvette Thomas

Forbes has published its 2019 list of America’s Richest Self-Made Women, and what’s notable about this year’s list of 80 women is that several of the new entries on the newly expanded list are entrepreneurs from the fashion and beauty industries: Rihanna, Patricia Miller, Toni Ko and Karissa Bodnar. The women eligible to be on the list are U.S. citizens or U.S. residents who founded a company that is headquartered in the United States. All net-worth figures are estimated by Forbes, as of June 3, 2019.

Here’s a summary of the moguls from the fashion and beauty industries who made it onto the list:

The Billionaire Moguls

Doris Fisher, co-founder of Gap Inc., is ranked at No. 8 (same as in 2018), and has an estimated net worth of $2.7 billion, down from $2.8 billion in 2018. Gap Inc. is the parent company of such fashion retailers as Gap, Old Navy, Banana Republic, Intermix, Weddington Way and Athleta. Although Gap Inc. has been hit hard in recent months with closures of many of its stores, don’t expect Fisher to lose her billionaire status anytime soon.

Tied at No. 14, with an estimated worth of $1.5 billion each, are Forever 21 co-founder Jin Sook Chang and Proactiv co-founders Kathy Fields and Katie Rodan. Chang, Fields and Rodan have the same rankings and net worths as they did in 2018. Forever 21 has successfully extended its youth-oriented fashion brand with the launch of lower-priced retailer F21 Red and the beauty retailer Riley Rose. Proactiv’s winning subscription-based business model, boosted by celebrity endorsements of the company’s skin-care products, has made Proactiv the leading mail-order service for non-prescription acne treatment.

Anastasia Soare, who built a cosmetics empire with her Anastasia Beverly Hills brand, holds on to her No. 21 ranking on the list, but her net worth increased from $1 billion in 2018 to $1.2 billion in 2019. Spanx founder Sara Blakely is No. 23 (down from No. 21 in 2018) on the list, with an estimated net worth of $1 billion (same as in 2018), thanks to her patented invention that changed the way undergarments can shape a body. Kylie Cosmetics founder Kylie Jenner has now entered billionaire status: She’s tied at No. 23, with an estimated net worth of $1 billion. Jenner was No. 27 on the list in 2018, with an estimated net worth of $900 million. With the help of mother/manager Kris Jenner, Kylie Jenner parlayed her reality TV fame and social-media savvy into the Kylie Cosmetics company, which was founded in 2016. At 21 years old, Kylie Jenner is the youngest person on the entire list.

The Veteran Millionaire Moguls

Most of the women on the list have companies that are more than 10 years old. Some have literally made their fortunes by their names, since their names are the same as their companies. They include fashion designer Tory Burch (No. 29 on the list, with an estimated net worth of $850 million, up from $800 million in 2018, where she was also ranked at No. 29); jewelry designer Kendra Scott (No. 40, net worth of $550 million; up from $500 million in 2018, where she was also ranked at No. 40); fashion designer Vera Wang (No. 45, net worth of $460 million); and fashion designer Donna Karan (No. 49, net worth of $430 million).

Alex & Ani founder Carolyn Rafaelian (who has a majority stake in the accessories company) took a steep tumble down the list. In 2018, she was ranked at No. 21, with an estimated net worth of $1 billion. In 2019, Rafaelian is No. 52 on the list, with an estimated net worth of $520 million. Wang’s fortune also took a hit:  In 2018, she was at No. 34 on the list, with a net worth of $630 million. Also sliding down the list was Karan: In 2018, she was No. 43 on the list, with a net worth of $470 million.

Paisley designs have off well for Vera Bradley co-founder Patricia Miller (No. 69, net worth of $300 million), who retired from the accessories company in 2012, but still rakes in a fortune as a significant stakeholder. NYX Cosmetics founder Toni Ko (No. 75, net worth of $270 million) sold the company to L’Oréal for $500 million in 2014. In 2016, she launched  sunglasses company Thomas James LA. She is also a venture capitalist; her Butter Ventures company invests primarily in female-owned businesses.

The Upstart Millionaire Moguls

Fashion and beauty moguls on the list who have companies that are less than 10 years old owe most of their marketing success to TV and social media.

Rihanna (No. 37, net worth of $600 million) is best known as a Grammy-winning superstar singer, but she’s made much of her fortune through the beauty and fashion industries. Her inclusive cosmetics company Fenty Beauty (launched in 2017) was an immediate hit. She’s also partnered with Puma for a Fenty brand of shoes. In 2019, Rihanna made fashion history by joining forces with fashion giant LVMH (parent company of Louis Vuitton, among numerous other brands) to create her own fashion brand called Fenty. With this partnership deal, Rihanna became the first woman to create an original brand at LVMH and the first woman of color at the top of an LVMH house.

Huda Kuttan (No. 36, net worth of $610 million), who started off as a makeup artist, became a beauty blogger in 2010, and then used that Internet notoriety to launch the Huda Beauty cosmetics company, which she co-founded with her sisters in 2013. Kuttan’s fortunes have increased every year since then. On 2018, she was No. 37 on the Forbes list, with a net worth of $550 million. She is also the star of a Facebook Watch reality show titled “Huda Boss,” which debuted in June 2018, and has been renewed for a second season.

Jamie Kern Lima (No. 47, net worth of $440 million) used to be a TV reporter, but transitioned into the beauty industry by founding It Cosmetics in 2010, when she first began selling the company’s products on QVC. In 2016, she sold the company to L’Oréal for $1.2 billion, while still retaining leadership of It Cosmetics, making her the first female CEO of a L’Oréal-owned company. Kern Lima’s net worth remains the same from 2018, although she was ranked higher on the list (at No. 44) in 2018.

Kylie Jenner’s half-sister and “Keeping Up With the Kardashians” co-star Kim Kardashian West (No. 57, net worth of $370 million) has made most of her fortune from reality TV and licensing her name to video games, but Kardashian West’s fashion/beauty ventures (including KKW Beauty, the cosmetics line that Kardashian West launched in 2017) have contributed significantly to her wealth. Although Kardshian West is ranked lower on the list in 2019 (she was No. 54 in 2018), her net worth has increased from $350 million in 2018.

In 2013, makeup artist Karissa Bodnar (No. 74, net worth of $275 million) left her corporate job at L’Oréal and made the leap into entrepreneurship by launching Thrive Causemetics, “a direct-to-consumer makeup brand that sells products that are vegan, cruelty-free and without parabens, latex and sulfates,” according to Forbes. Instagram has been a key factor in Thrive Causemetics’ success.

Fashion and beauty moguls increase clout on Forbes list of America’s Richest Self-Made Women

July 11, 2018

by Yvette Thomas

Forbes has published its 2018 list of America’s Richest Self-Made Women, and what’s notable about this year’s list of 60 women is that four of the seven new entries on the list are entrepreneurs from the fashion and beauty industries: Anastasia Soare, Kylie Jenner, Kim Kardashian West and Huda Kuttan. The women eligible to be on the list are U.S. citizens who founded a company that is headquartered in the United States. All net-worth figures are estimated by Forbes, as of July 10, 2018.

Here’s a summary of the moguls from the fashion and beauty industries who made it onto the list:

The Billionaire Moguls

Doris Fisher, co-founder of Gap Inc., is ranked at No. 8, and has an estimated net worth of $2.8 billion. Gap Inc. is the parent company of such fashion retailers as Gap, Old Navy, Banana Republic, Intermix, Weddington Way and Athleta. Although Gap Inc. has been hit hard in recent months with closures of many of its stores, don’t expect Fisher to lose her billionaire status anytime soon.

Tied at No. 13, with an estimated worth of $1.5 billion each, are Forever 21 co-founder Jin Sook Chang and Proactiv co-founders Kathy Fields and Katie Rodan. Forever 21 has successfully extended its youth-oriented fashion brand with the launch of lower-priced retailer F21 Red and the beauty retailer Riley Rose. Proactiv’s winning subscription-based business model, boosted by celebrity endorsements of the company’s skin-care products, has made Proactiv the leading mail-order service for non-prescription acne treatment.

Spanx founder Sara Blakely is No. 21 on the list, with an estimated net worth of $1 billion, thanks to her patented invention that changed the way undergarments can shape a body.  Also tied at No. 21, with an estimated net worth of $1 billion each, are Alex & Ani founder Carolyn Rafaelian (who has a majority stake in the accessories company) and Anastasia Soare, who built a cosmetics empire with her Anastasia Beverly Hills brand.

The Veteran Millionaire Moguls 

Most of the women on the list have companies that are more than 10 years old. Some have literally made their fortunes by their names, since their names are the same as their companies. They include fashion designer Tory Burch (No. 29 on the list, with an estimated net worth of $800 million); fashion designer Vera Wang (No. 34,  net worth of $630 million); jewelry designer Kendra Scott (No. 40, net worth of $500 million); and fashion designer Donna Karan (No. 43, net worth of $470 million).

The Upstart Millionaire Moguls

Fashion and beauty moguls on the list who have companies that are less than 10 years old owe most of their marketing success to TV and social media. With the help of mother/manager Kris Jenner,  Kylie Jenner (No. 27 on the list, with an estimated net worth of $900 million) parlayed her reality TV fame and social-media savvy into the Kylie Cosmetics company, which was founded in 2016. Kylie’s half-sister and “Keeping Up With the Kardashians” co-star Kim Kardashian West (No. 54, net worth of $350 million) has made most of her fortune from reality TV and licensing her name to video games, but Kardashian West’s fashion/beauty ventures have contributed significantly to her wealth. KKW Beauty, the cosmetics line that Kardashian West launched in 2017, had $100 million in sales in its first year, according to Forbes.

Huda Kuttan (No. 37,  net worth of $550 million), who started off as a makeup artist, became a beauty blogger in 2010, and then used that Internet notoriety to launch the Huda Beauty cosmetics company, which she co-founded with her sisters in 2013. Jamie Kern Lima (No. 44, net worth of $440 million) used to be a TV reporter, but transitioned into the beauty industry by founding It Cosmetics in 2010, when she first began selling the company’s products on QVC. In 2016, she sold the company to L’Oréal for $1.2 billion, while still retaining leadership of It Cosmetics, making her the first female CEO of a L’Oréal-owned company

Forbes Travel Guide 2017: Four Seasons sets five-star record; Macau wins big

February 22, 2017

Four Seasons Resort and Residences Whistle
(Photo courtesy of Four Seasons Resort and Residences Whistler)

Four Seasons Hotels and Resorts set a record with the 2017 edition of the Forbes Travel Guide.  Worldwide, a total of 30 Four Seasons hotels and resorts earned the guide’s coveted Five-Star designation in 2017, setting the record for the highest number of Five-Star awards given to a single brand in the history of the Forbes Travel Guide ratings. The Forbes Travel Guide, which started as the Mobil Travel Guide, has been published since 1958.

Meanwhile, China’s Macau region was rated one of the leading Five-Star destinations in the Forbes Travel Guide. Other highly rated regions include Hong Kong, New York, London, California and Paris.

The Forbes Travel Guide has a team of expert inspectors who anonymously evaluate properties against up to 800 rigorous and objective standards, providing consumers the insight to make better-informed travel and leisure decisions, according to Forbes.

Forbes Travel Guide’s Star Rating system is ranked in the following categories:

Five Star Properties: These are outstanding, often iconic properties with virtually flawless service and amazing facilities.

Four Star Properties: These are exceptional properties, offering high levels of service and quality of facility to match.

Recommended Properties: These are excellent properties with consistently good service and facilities.

Soon-To-Be-Rated Properties: As our highly trained, incognito inspectors work to assess properties, our editors check them out ahead of time and provide a sneak preview of what to expect.

Here are some fact highlights from a Forbes press release:

  • Among the total 1,464 winners, there are 175 Five-Star, 478 Four-Star and 237 Recommended hotels.
  • Overall, 62 Five-Star, 176 Four-Star and 73 Recommended restaurants earned distinctions.
  • In the spas category, a total of 56 Five-Star and 207 Four-Star spots achieved awards.

Standout Newcomers

  • Among the new destinations, the small island of Bali emerged as a big luxury winner. The new luxury hot spot snagged Five-Star distinctions for three hotels (Four Seasons Resort Bali at Jimbaran Bay, Four Seasons Resort Bali at Sayan, The Villas at Ayana). It also tallied an impressive 10 Four-Star hotels and three Recommended properties. Five Four-Star spas also debuted.
  • Puerto Rico added had three properties that debuted on the Five-Star list, with The St. Regis Bahia Beach Resort; Dorado Beach, A Ritz-Carlton Reserve; and Spa Botánico, a five-acre oasis within Dorado Beach.
  • In Australia, Crown Towers Melbourne and The Darling in Sydney picked up their respective city’s first Five-Star hotel distinction. In addition, Melbourne added a Four-Star (Park Hyatt Melbourne) and two Recommended properties (Grand Hyatt Melbourne; The Langham, Melbourne). Sydney racked up two Four-Star (The Langham, Sydney; Park Hyatt Sydney) and a pair of Recommended hotels (InterContinental Sydney Double Bay; Shangri-La Hotel, Sydney). Each city also gained a Four-Star spa (Crown Spa Melbourne, Sydney’s The Darling Spa).
  • Numerous European destinations debuted with their first Five-Star properties: Budapest (Four Seasons Hotel Gresham Palace Budapest), Barcelona (Mandarin Oriental, Barcelona), the French Riviera (Grand-Hôtel du Cap-Ferrat, A Four Seasons Hotel) and Venice (Belmond Hotel Cipriani).

Other Leading Brands

  • An elite group of 11 properties earned Five-Star awards for their hotel, restaurant and spa. These triple Five-Star winners include: Banyan Tree Macau; The Broadmoor in Colorado Springs; The Cloister in Sea Island, Georgia; Fairmont Grand Del Mar in San Diego; The Landmark Mandarin Oriental, Hong Kong; Mandarin Oriental, Las Vegas; Mandarin Oriental, Macau; Mandarin Oriental, Miami; Montage Laguna Beach; Ocean House in Watch Hill, Rhode Island; and Wynn Las Vegas.
  • Mandarin Oriental, Hong Kong and Wynn Macau set a new record, achieving a total of six Five-Star awards for the hotel, spa and four restaurants.
  • Crown Towers Macau won a total of five Five-Star awards for the hotel, spa and three restaurants.
  • Altira Macau and Four Seasons Hotel Hong Kong received a total of four Five-Star awards for the hotel, spa and two restaurants.

Where the Highest-Rated Hotels Are

  • In the United States, the greatest number of Five-Star hotels are in: California (18), New York (9), Florida (8), Massachusetts (6) and Nevada (5). California gained two new Five-Star hotels this year: Napa’s Solage, An Auberge Resort and San Diego’s Fairmont Grand Del Mar.
  •  U.S. cities with the highest number of Five-Star hotels include: New York (8), Beverly Hills (5), Las Vegas (5) and Miami (5).
  • Globally, cities with the most Five-Star hotels include: Macau (10), Paris (10), London (9) and Hong Kong (8). Macau and Paris remain neck and neck with one new winner each in 2017.

Where the Highest-Rated Restaurants Are

  • In the United States, the greatest number of Five-Star restaurants reside in: New York (7), California (6) and Nevada (6).
  • Cities in the United States with the most Five-Star restaurants include: New York (7), Las Vegas (6) and Chicago (3).
  • Las Vegas’ fine-dining scene is seeing an uptick with three new Five-Star restaurants: Le Cirque Las Vegas and Picasso, both in Bellagio, and Wing Lei in Wynn Las Vegas.
  • Globally, cities with the highest number of Five-Star restaurants include: Macau (11) and Hong Kong (8).

Where the Highest-Rated Spas Are

  • In the United States, the greatest number of Five-Star spas are located in: California (8), Florida (5) and Nevada (5). California’s two new Five-Star spa additions are Meadowood Spa in Napa and The Spa at Beverly Wilshire in Los Angeles.
  • The brand-new and sumptuous Meadowood Spa brings Napa Valley its first Five-Star spa.
  • Globally, cities with the most Five-Star spas include: Macau (7), Hong Kong (5) and Shanghai (4).
  • Sense, A Rosewood Spa at Mayakoba is the first and only Five-Star spa in Mexico.

To celebrate this year’s award, Star-Rated winners are invited to the Forbes Travel Guide All-Star Celebration in New York City on March 2, 2017. Attendees will enjoy selections of dishes prepared by award-winning chefs and legends of the international culinary world, including: Jose Garces, Amada; Christian Pratsch, Asiate; Daniel Boulud, Daniel; Mario Batali and Joe and Lidia Bastianich, Del Posto; Jean-Georges Vongerichten, Jean-Georges; Geoffrey Zakarian, The Lambs Club; and Michael White, Vaucluse.

 

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