Kim Kardashian’s Skims doubles its value to $3,200,000,000 in nine months
Kim Kardashian just keeps on winning as the reality star’s popular Skims brand has reportedly doubled its value and is now worth a staggering $3.2billion (£2.4bn).
The Keeping Up With the Kardashians star launched the clothing brand in 2019 selling shapewear for women, but it has now expanded to include loungewear and even turtlenecks.
A fresh valuation of the brand was recently conducted after a round of fundraising and, well, the books are looking pretty healthy.
According to Bloomberg, Skims was previously valued at $1.6bn (£1.2bn) in April 2021 but over the past year, sales shot up by 90% to around $275million (£205.4m). It’s now on course to hit a whopping $400m (£299m) in sales this year, bringing the total funding to $402m (£300m).
Skims’ Chief Executive Officer Jens Grede told the publication that a new financing round recently took place and discovered the company had an added valuation of $240m (£179m) in cash.
Kim said in a statement: ‘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.’
Skims’ impact has been so great that it was recently announced it would continue its collaboration with Team USA.
The brand kitted out the team in loungewear and undergarments during the 2020 Summer Olympic Games in Tokyo, a huge win for the label, and will once again provide the goods for Team USA at the upcoming 2022 Winter Olympics in Beijing.
Speaking to Vogue last year, said of her creation: ‘My goal for Skims is to continue to expand our product offering and keep finding new ways to create solutions that work for all women, all the time.
‘We’re creating the next generation of underwear, shapewear and loungewear by consistently bringing our customers newness and excitement with each drop, and I am so thankful for the dialogue we have with our community along the way.’
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