Kim Kardashian's SKIMS Earns $4 Billion USD Valuation
By raising $270 million USD in a Series C funding round.
Update: Kim Kardashian’s SKIMS has officially earned a $4 billion USD valuation, following a Series C funding round that saw the shapewear label raise $270 million USD.
The fundraising round, which was spearheaded by Wellington Management, included funds from Greenoaks Capital Partners, as well as existing investors D1 Capital Partners and Imaginary Ventures.
“Wellington’s proven track record for successfully helping companies navigate key growth stages will be critical in solidifying SKIMS’ position at the forefront of the retail market and cementing the brand’s staying power as it moves into this next phase,” said a Wellington spokesperson in a statement.
“The new infusion of funds will be used to further accelerate the brand’s product innovation and new category expansion efforts, as well as help fuel its focus on permanent owned retail, including the opening of its L.A. flagship in early 2024, which the brand announced last month,” the statement continued. “Continuing momentum behind the brand’s robust partnership pipeline will also remain a top priority.”
Original Story: Kim Kardashian appears to be chasing an IPO with her mega influencer shapewear brand SKIMS. The brand is reportedly in the middle of a fundraising round from mutual funds and family offices that will value the fast-growing business to $4 billion USD.
According to WWD, the round has not closed just yet and is currently for a pre-IPO fundraise that will give the company an edge for a potential offering in the next six to 12 months. In January 2022, SKIMS raised $240 million USD in a Series B fundraising to increase the company’s valuation to $3.2 billion USD. From round to round, SKIMS valuation continues to climb at a higher pace than Wall Street had predicted. Currently, the brand is on-track to becoming a $1 billion USD company with a growth rate of 100% by this year.
SKIMS is only a four-year-old business and sees the founding reality star at the forefront of most campaigns. In the past, the casual wear brand has also tapped the likes of Snoop Dogg and other big names to be a part of their brand’s campaigns. At the rate of the brand’s continued growth, the brand is slated to bring in a new audience from Wall Street.
SKIMS nor Kim Kardashian has commented on the IPO just yet.
In other fashion news, DAIWA PIER39 FW23 collection is all about the “Classic Outdoors.”
