Kim Kardashian's Skims is now valued at $5B!
What's the story
Skims, the shapewear brand co-founded by reality TV star Kim Kardashian and Jens Grede in 2019, has been valued at a staggering $5 billion after raising $225 million in its latest funding round. The new investment comes from Goldman Sachs Alternatives and BDT & MSD Partners. With this fresh capital, Skims plans to open more stores globally and expand its retail footprint.
Sales target
Skims's rapid growth and product diversification
Skims is projected to exceed $1 billion in sales this year. The brand has expanded beyond lingerie into clothing and accessories, including some unconventional products like thongs with fake pubic hair and bras with built-in false nipples.
Retail strategy
Plans for global retail expansion
Over the next few years, Skims plans to focus "predominantly" on its physical retail business. The brand currently operates 18 stores in cities like New York, Los Angeles, Austin, Atlanta, and Boca Raton. It also sells its products through retailers worldwide. "We can't wait to take Skims to the next level as we continue to innovate and set the standard for our industry," Kardashian said in a statement.
Sector expansion
Skims's foray into sports and collaboration with Nike
Skims has made a name for itself in the sports world by becoming the official underwear partner for the WNBA, NBA, and USA Basketball. The brand is also gearing up to launch its collaboration with Nike, which includes "sport-ready shapewear" for women. Additionally, Skims recently bought back a 20% stake in Kardashian's beauty brand that it had previously sold to Coty. After this latest funding boost, Kardashian's net worth stands at $1.9 billion, per Forbes.