Kim Kardashian's Shapewear Brand Skims Officially Hits $4 Billion Mark, Up $1 Billion From Last Year

Where Kim Kardashian goes, money flows. Well, at least we could say this after recent evaluation reports of her shapewear brand, SKIMS, which has grown by around $1 billion from last year. And now it's worth a whopping $4 billion. The reality star turned entrepreneur is minting money like anything.

The Kardashians star's clothing line recently received another $270 million in funding, and this growth catapulted her into a new financial circle, reported The New York Times. Before reaching this milestone, SKIMS was marked as a $3.2B company at the beginning of 2022. 

The company's growth is rather fast-paced after it received a financial backup that brought in $240 million, reported TMZ. A year before, the company's evaluation was $1.6 billion, which clearly shows the brand is heading to the top really fast. 

Kardashian and her business partner Jens Grede plan to turn SKIMS into the next big apparel brand. It's been four years since the brand came into existence, and it's expanding to reach the pinnacle. The Hulu star agreed in an interview, "It has grown quickly, and we are so proud of that." 

"We have had a really good flow of product launches," Kim said proudly. SKIMS began as a seller of shapewear to help customers fit into body-hugging clothing. But the brand expanded its horizons and ventured into other products, including loungewear and swimwear. It also plans to cover the market of men's clothing this fall. 

Initially, the company's operation was to sell directly to consumers, but now betting on physical retail with plans to open its first flagship stores next year in Los Angeles and New York City. To add up to the company's success, TMZ reports the company is set to achieve net sales of $750M in 2023. 

SKIMS chief executive Grede revealed 15 percent of its online customers come from outside the United States, and nearly 70 percent of its overall customers are millennials or Gen Z-ers. Over the last year, the wait list of the brand reached 11 million people, essentially for out-of-stock products.

The company's growing trajectory drew investors' attention, as Grede mentioned. The firms that have been participating include Greenoaks Capital Partners and the existing backers D1 Capital Partners and Imaginary Ventures. The asset manager Wellington Management led the latest round of investment in the shapewear brand. 

Michael Carmen, a co-head of private investments at Wellington, stated, "Skims has maintained unprecedented momentum since the brand's inception. We are thrilled to partner with the brand to support it through this pivotal growth stage."

Kim's apparel brand stands out amongst her other ventures like- skincare, fragrances, and even a private equity firm. In fact, Skims even made it on TIME's List of 100 Most Influential Companies in 2022. 

As the company mints billions, the reality TV star remains its biggest shareholder together with Mr. Grede. One thing's for sure, whenever the company goes public, it'll attract shareholders from across the globe. Onwards and upwards. 

References:

https://www.tmz.com/2023/07/19/kim-kardashian-skims-4-billion-company-clothing-line/

https://www.nytimes.com/2023/07/19/business/dealbook/skims-kim-kardashian-fundraise.html