Kim Kardashian’s shapewear company Skims is now worth US$4bn (approximately £3.09bn) after a new funding round raised US$270m (£209m).
This makes Skims a unicorn company four times over. A unicorn company refers to startup companies with a value of more than $1bn.
The company, co-owned by Kardashian, 42, and her business partner Jens Grede, plans to announce its new valuation today (Wednesday 19 July), according to the New York Times. Its previous valuation given by investors was $3.2bn.
The reality TV star, best known for starring in 20 seasons of Keeping Up With The Kardashians and The Kardashians, said in an interview: “It has grown quickly and we’re so proud of that. We’ve had a really good flow of product launches.”
Kardashian launched Skims in 2019 as she wanted to create shapewear that fits her own skin tone and body type. The brand has since released numerous ranges, including loungewear, maternity wear and swimwear.
In 2021, the success of the brand increased Kardashian’s net worth to US$1bn, which earned her a spot on Forbes’ World Billionaires List.
Last year, when Skims hit its US$3.2bn valuation, it was estimated that Kardashian became US$600m richer. The company secured US$240m in a funding round led by hedge fund Lone Pine Capital, as well as previous investors.
Grede, who is Skims’s chief executive, said in an interview that the company was now profitable and on track for US$750 million in sales this year, up from US$500 million in 2022.
Grede said nearly 70 per cent of the company’s overall customers are millennials or Gen Zs, while about 15 per cent of the company’s online customers come from outside of the US.
Over the last year, he said that 11 million people have joined waiting lists to buy the brand’s most popular items, which regularly sell out.
Skims’ bestseller products include its viral “seamless sculpt bodysuit”, which comes with extra compression at the core and waist areas to create a “figure-enhancing” look. The product description says the bodysuit will “flatter your bust, and rounded butt pockets for a lifted look”.
Another bestseller is the “soft lounge long slip dress”, a basic maxi slip dress with a body-hugging fit.
For a recent collection launched by the brand, British singer-songwriters Raye and PinkPantheress were enlisted to promote it, along with Bronx rapper Ice Spice.
The Kardashian family are also responsible for a myriad of viral beauty and fashion companies. Kim also owns a skincare brand named SKKN BY KIM, which sells a nine-product step-by-step routine for “radiant skin”.
Kim’s half-sister, Kylie Kenner, is the founder of beauty brand Kylie Cosmetics, which sells makeup and skincare products. Meanwhile, Khloe Kardashian is the co-founder of Good American, a self-claimed “fully inclusive fashion brand” and Kendall Jenner owns the alcohol brand 818 Tequila.
