Kim Kardashian’s Skims valued at $1.6 billion
Kim Kardashian’s shapewear brand Skims has reached a $1.6 billion valuation after raising $154 million in its latest funding round, led by venture firm Thrive Capital.
The round also included funds from existing investors, Imaginary Ventures and Alliance Consumer Growth. Kardashian will remain Skims’ biggest shareholder after the deal, along with her business partner, Jens Grede.
Despite some consumer backlash, Skims has been widely successful since its launch in September 2019, offering an inclusive solution to shapewear and underwear, in sizes XXS- 5X and in nine tonal colourways. In the U.S., the brand has sold out of a number of styles since its launch, while high consumer traffic has been known to cause the Skims site to crash.
In October, Skims took up residence in England with a distribution agreement with Selfridges, marking the company’s first move outside of the U.S. Most recently in December, the brand also announced its foray into the Middle East via an exclusive distribution deal with e-tailer Ounass, bringing the brand to consumers in Bahrain, Kuwait, Oman, Qatar, Saudi and the United Arab Emirates.
Next, the company said that the latest funds would be used to expand into new categories and further expand its retail presence globally.
The news comes as Kim Kardashian officially enters the billionaires club. The reality star, entrepreneur, soon-to-be lawyer and mom, was included on Tuesday for the first time on Forbes magazine’s list of the world’s billionaires.
According to Forbes, Kardashian’s net worth has grown from $780 million to $1 billion since October last year in part thanks to Skims, as well as her KKW Beauty line and various other endorsements and investments.
According to reports, the entrepreneur may already be working on another namesake brand. She filed trademark applications last month to potentially launch a brand called SKKN by Kim encompassing “skin care, hair care, nail products, perfumes, candles, and more.”
As her product empire continues to grow, the reality TV show, 'Keeping Up With the Kardashians’, that made her famous, is coming to an end. Later this year, after 20 seasons, the show will air for the last time.
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