After its Series C investment round, Kim Kardashian co-founded underwear and clothing company, SKIMS, reached a valuation of US $ 4 billion.
The most recent US $ 270 million fundraising round was led by Wellington Management, with participation also coming from Green Oaks Capital Partners, D1 Capital Partners, and Imaginary Ventures.
The additional funding will be used to speed up the brand’s product innovation and expansion into new product categories as well as to support its focus on permanent-owned retail, including the completion of its LA flagship in early 2024, which was announced last month. In New York, a new store is anticipated.
SKIMS was established in 2019 by Khloé Kardashian, Emma Grede (who also co-founded denim brand Good American with her), and Jens Grede (co-founder of luxury denim brand FRAME). According to Kardashian, her own troubles with locating shapewear that complemented her skin tone served as inspiration for the founding of SKIMS.
The brand, which initially specialised in shapewear, saw early success, selling some 3 million items in its first year of operation. SKIMS had a worth of US $ 1.6 billion by 2021, and it increased to US $ 3.2 billion a year later. Its valuation has increased even more since the most recent funding round.
Beyond shapewear, the business has successfully branched out into swimwear, nightwear, leisurewear, and clothes. In addition to being offered directly to consumers through its website, SKIMS is stocked at a number of high-end stores across the world, including Selfridges and Harrods in the UK. Recently, it held a SKIMS Swim pop-up in Selfridges’ Corner Shop on Oxford Street.
