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January 28, 2022
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KIM KARDASHIAN’S UNDERWEAR LABEL SKIMS DOUBLES ITS VALUE TO $3.2B

By
Ariel Zilber


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Back to Reading
January 27, 2022 11:25am
Updated
January 28, 2022 9:12am
Kim Kardashian's shapewear undergarments retailer Skims has seen its valuation
double to $3.2 billion in just nine months. Instagram


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Skims, the underwear brand founded by Kim Kardashian, said its market value has
doubled to $3.2 billion over the past nine months amid surging sales.

Last year, the company reported an increase in sales of 90% to $275 million.
This year it projects sales to hit the $400 million threshold.

Founded in 2019, Skims sells shapewear bodysuits and shorts as well as pajamas
and sweatpants. It has since expanded its offerings to include pullovers, sleep
robes, and turtlenecks.

The company said Thursday it has concluded a fresh financing round under the
new, eye-popping valuation, netting $240 million in cash.

The round, which was led by hedge fund Lone Pine Capital, included investors
such as D1 Capital Partners, Imaginary Ventures, Alliance Consumer Growth, and
Thrive Capital, according to Bloomberg.

The firm has netted a total of $402 million in funding from investors.

Thrive, the New York-based venture firm, is led by Joshua Kushner, the brother
of former White House official Jared Kushner and the husband of supermodel
Karlie Kloss, a close friend of Kardashian.

“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,”
Kardashian said.

Skims just concluded its latest funding round that saw investors pour in $240
million.Getty Images for Nordstrom

Kardashian and her business partner, Skims CEO Jens Grede, both retained a
controlling stake in the company.

Skims plans to use the freshly raised cash to expand its operations abroad,
including the United Kingdom, China, Australia, and the Middle East.

“We see an opportunity with Skims to create our own category in retail, just
like how we believe Lululemon and Starbucks created their own categories in
their respective areas,” said Grede.

“That’s really why we’re doing this, to make sure we’re best prepared for the
future.”

The company is the official loungewear and undergarments outfitter for Team USA
athletes at the upcoming Winter Olympic Games in Beijing. Skims had the same
sponsorship in last year’s Summer Games in Tokyo.

The reality television star and business mogul has a net worth estimated by
Forbes to be around $1.2 billion.Instagram: kimkardashian

The Keeping Up with the Kardashians star, who is the company’s largest
shareholder, promotes her brand through her social media platforms which boast
millions of followers.

Grede told Bloomberg that there are currently no plans to sell the company or to
take it public, but that could change in the future.

The infusion of cash is likely to bolster Kardashian’s wealth, which Forbes has
pegged at around $1.2 billion.

Kardashian draws income from several money-making ventures including a cosmetics
line, a line of perfumes, and a mobile game — all in addition to the estimated
$4.5 million per season that she took in from the E! cable television network
which aired KUWTK.

Kim was an executive producer of the show alongside her mother, Kris Jenner, and
sisters Khloe and Kourtney Kardashian. The show ended its 20-season run last
year.

In June, she sold a 20% stake in her KKW makeup brand to cosmetics giant Coty
for $200 million. KKW had an estimated valuation at the time of $1 billion.

In 2019, Coty also acquired a majority stake in sister Kylie Jenner’s cosmetics
line for $1.2 billion.


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Filed under
 * khloe kardashian
 * kim kardashian
 * kris jenner
 * reality stars
 * reality tv
 * 1/27/22

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