Kim Kardashian's SKIMS Brand Doubles in Valuation to $3.2 Billion USD
After raising $240 million USD in the latest funding round.
Kim Kardashian‘s underwear business continues to take off as news of her brand SKIMS doubles in valuation.
Kardashian’s shapewear brand has recently raised $240 million USD in fresh funds, showing that investors are betting on the success of her empire. Other than SKIMS, Kardashian also runs a lucrative makeup brand KKW, which has continued to gain an immense following from young consumers due to the TV personality’s popularity and social following.
According to Bloomberg, the latest funding round for SKIMS was led by hedge fund Lone Pine Capital and was joined by another investment firm, D1 Capital Partners. Existing investors including Thrive Capital, Imaginary Ventures and Alliance Consumer Growth also participated in the funding. In a statement, Kardashian commented on the latest investments stating, “This latest round will allow us to focus on bringing more innovations and solutions to our customers and become even more of a trusted resource for them.” She is still currently the brand’s largest individual shareholder and has confirmed that she and her business partner Jens Grede, do not have plans to sell the business at this time.
SKIMS first launched in 2019 and has since expanded beyond shapewear and bodysuits to loungewear including pajamas and sweatpants. It also sells a large range of basics including sleep robes turtlenecks and pullovers. The majority of the SKIMS business comes from underwear sales as shapewear only represents 20% of sales. Last year, Kardashian’s brand increased sales by 90% to approximately $275 million USD and is expected to hit $400 million in 2021.
Grede has stated that the company hopes to expand its infrastructure to better support overseas sales. The brand is currently testing out international markets through retailers including Selfridges in the U.K., Lane Crawford in China, David Jones in Australia and Ounass in the Middle East. SKIMS partnered with LVMH’s Fendi last year to produce a limited-edition collaboration with designer Kim Jones. The collaboration was a success as it became the most demanded product from outside the U.S. The brand is also currently gearing up for the Winter Olympics in Beijing as SKIMS will provide Team USA athletes with their loungewear and undergarments.
In other fashion news, The Weeknd drops new intergalactic DAWN FM merchandise.
