Media personality and Hollywood star Kim Kardashian’s shapewear brand SKIMS has witnessed its valuation double in less than a year, putting its current worth at $4.5 billion (US$3.2 billion), according to People. Despite its controversial origins, people can’t get enough of Skims. The company reports the conclusion of their latest financing round found an added valuation of US$240 million in cash, which was led by hedge fund Lone Pine Capital and included existing investors, according to Bloomberg.
When it launched in 2019, Skims was billed primarily as a shapewear and underwear brand- the line’s Sculpting Bra was an immediate viral success selling out instantly- but wisely expanded to include cozy loungewear including hoodies, matching sets, sweats, and slippers at the start of the pandemic.
According to reports, shapewear now represents less than 20% of sales and underwear accounts for the majority of its business. Kardashian is obviously passionate about her brand continually promoting it across her social media channels and wearing the pieces herself. Her promotion clearly pays off, as the brand boosted sales 90% to about $275 million last year. It is now projecting a target of US$400 million for 2022, bringing the total funding for the company to $US402 million, says Bloomberg.
Kim Kardashian’s Skims brand has released a limited-edition Team USA clothing line of sleepwear and loungewear for the 2022 Winter Olympic and Paralympic Games. The company, now valued at $3.2B, offers a wide array of products in multiple colors and many sizes to support Winter Olympic and Paralympic athletes for a limited time only. Like it did during the Summer Games in Tokyo last year, the brand will once again outfit Team USA in loungewear and underwear. “We are continuously working on collaborations, partnerships, and events,” Skims CEO and co-founder Jens Grede said. “More to come.”