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Take that, haters: Kim Kardashian’s Skims just doubled in value to US$3.2 billion – inspired by Lululemon and Starbucks, the shapewear brand is creating its own retail category
STORYLuxurylaunches
Kim Kardashian officially joined the billionaire bandwagon in April 2021 and, to date, most of her wealth has come from her KKW Beauty company and her Skims clothing line.
In fact, since she created both brands, the world has witnessed the evolution of Kim K the entrepreneur, and her remarkable skills at shaping a shapewear brand have been in full view. She’s even managed to give fellow female founder Sarah Blakely of Spanx a run for her money (whose company is currently valued at around US$1.2 billion according to Bloomberg).
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In April 2021, Skims was already valued at a whopping US$1.6 billion. But now the 41-year-old’s company has catapulted to a valuation of US$3.2 billion after raising US$240 million in its latest round of funding in January, according to Forbes.
“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, according to Hypebae.
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From designing the official undergarments, pyjamas and loungewear for Team USA to wear at the Olympic and Paralympic Games, to launching ultra expensive, ultra-fancy shapewear in partnership with Fendi, the Skims brand was everywhere last year.
The Fendi x Skims collab turned out to be Kardashian’s most significant launch since she established the company back in 2019. In fact, it was so insanely popular that both brands did a second drop just a month later.
The line reportedly made US$1 million within 60 seconds of going live, which also caused most of the pieces to sell out.
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“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,” Kardashian’s business partner Grede told Hypebae.
“That’s really why we’re doing this, to make sure we’re best prepared for the future.”
- Kim Kardashian’s Skims brand has now surpassed rival shapewear company Spanx to be valued at an impressive US$3.2 billion – so what prompted the sudden bump?
- From the Skims x Fendi line that sold out in 60 seconds, to a range made exclusively for Team USA at the Tokyo Olympics, Skims has gone from strength to strength