Underestimating Paris Hilton was a national pastime for almost 20 years. Her spray tan, Uggs, hair extensions, Juicy tracksuits, Von Dutch hats, undersize dogs, and oversize sunglasses all seemed like some Y2K joke. And now? Just look around; it’s all back. It was back on Balenciaga’s runway last year, although that seemed like a joke, too. What’s not a joke is her financial chops. Hilton stands atop a sparkly pink consumer-product empire that brings in more than $4 billion in total revenue. That’s a lot of $25 perfume. So, who’s got the last laugh now?

Hilton is about to roll out a new fragrance, called Iconic—her 30th. Not that the fragrance aficionados would deign to notice. Their loss. A seasoned executive in the beauty industry tells me that the Paris Hilton fragrances—Love Rush, Gold Rush, Rosé Rush, Luxe Rush, all the Rushes—in bottles shaped like a headless body in an evening gown, may just be the top-selling brand globally. “And nobody talks about it,” he adds.