Kim Kardashian latest company just shoots her into the World’s Billionaire club, amazing!!
Kim’s Skims shapewear brand revealed that it got a new batch of private investments which valued it at $1.6 billion. The new deal also stands to increase the reality stars worth after being listed as one of the world’s billionaires this week.
The $154 million fundraising exercise was led by Thrive Capital, the New York-based venture firm led by Josh Kushner, the husband of Kim Kardashian friend Karlie Kloss.
According to the brand, the fund is meant to help Skims develop new products, move into new categories of business and explore the expansion of its retail presence around the globe.
The brand’s current investors Imaginary Ventures and Alliance Consumer Growth were part of the latest funding exercise for Skims, which currently has more than 1 million customers and has sold over 4 million units in less than twenty four months.
The New York Times report shows that Kim Kardashian remains the brand’s largest shareholder, and she and her business partner Jens Grede are expected to keep a majority stake.
Skims’ new price tag has also pushed Kim Kardashian net worth, which Forbes estimated at $1 billion this week as it lists the reality TV star in its annual billionaire’s list for the first time.
Forbes estimated Kardashian West’s stake in Skims to be worth $225 million considering a transaction that valued the brand at “north of $500 million,” or roughly a third of the new valuation.
Skims is looking at seeing its sales double to $300 million this year from $145 million last year even though demand for shapewear dropped following a shift toward casual clothes during the pandemic, according to the Times report.
Skims which Kim launched as Kimono in 2019, and later changed the name amid accusations of cultural appropriation did survived the changing trends by releasing loungewear and pyjamas, according to the report.
Speaking about the brand, Kim told the Times, “We’re your basics go-to. We’re still able to keep that shapewear core.”
Skims is just one of Kim Kardashian’s billion-dollar businesses. The famous star and one of the world’s most followed individual on social media sold a 20 per cent stake in her KKW makeup brand to cosmetics giant Coty for $200 million last June, a move that valued the company at $1 billion.
Kim is said to be open to selling Skims as long as she could stay involved in its operations. Speaking precisely about it, she told the Times “I would never want to give up my process. I would hope that whoever we partner within a sale one day would believe in that, too.”