HomeViralThe value of Kim Kardashian’s SKIMS rises to $4 billion
The value of Kim Kardashian’s SKIMS rises to $4 billion
July 24, 2023
Kim Kardashian Skims a Quadruple Unicorn!
The clothing company, founded by reality star Emma Grede and Jens Grede, has raised nearly $300 million in a new round of funding, almost four years after it was founded. This makes the brand worth $4 billion, a jump from the $3.2 billion valuation given by investors last year.
Kim Kardashian Skims surpasses last year’s funding round by $270 million
Initially known for offering shapewear to fit customers into body-hugging clothing, Skims has successfully diversified its clothing line and expanded into various categories including swimwear and loungewear.
As part of its forward-thinking strategy, Skims is now betting on physical retail by opening flagship stores in Los Angeles and New York next year. This strategic move is sure to take Skims to the next level while continuing to shake up the fashion world.
Speaking about the company’s growth and achievements, Kardashian expressed her pride in a recent interview, stating: “It has grown rapidly and we are very proud of that. Our product launch went very well.”
Further reinforcing the business tycoon’s thoughts, Skims CEO Grede revealed that the company has reached a remarkable milestone as it is now operating profitably. As it turns out, the company will achieve an impressive $750 million in sales, which is a significant increase from last year’s $500 million.
Brand success This is further confirmed by the number of people who join the waiting list for their most popular products. In the past year alone, 11 million people have eagerly signed up to buy these coveted products, often leading to quick sales.
Given Skims’ impressive growth and widespread popularity, investors naturally gravitated to the company as it sought to raise funds in recent months. The latest funding round was led by asset manager Wellington Management, with participation from existing backers D1 Capital Partners and Imaginary Ventures, as well as major firms such as Greenoaks Capital Partners.
“Skims has maintained unprecedented momentum since the brand’s inception. We are delighted to partner with the brand to support this key phase of growth,” said Michael Carmen, co-head of private equity at Wellington Management.
After a triumphant fundraising round in 2021 that propelled Skims to unprecedented heights, Kardashian earned the coveted title of billionaire. As the brand’s co-founder and driving force, he will retain his position as the company’s largest shareholder and retain a majority stake alongside Grede.
The huge success of the “Keeping Up with the Kardashians” alum is a highlight of her business empire, which now includes a diverse portfolio that includes fragrances, skin care, fragrances and a private equity firm, the New York Times reported.
The founder of KKW Beauty is better than these stars on the Forbes 2023 list
According to a report from The Blast in April, the mother of four has once again made this year’s Forbes billionaires list, coming in at number 2,259 with a net worth of $1.2 billion. The recognition Skims owes to his continued success has overtaken several superstars who have been in the game for a long time.
One such notable person he is now overtaking is Tyler Perry, who originally joined the billionaires list in 2021. Interestingly, he made a bold move when he ended his iconic “Madea” franchise, which grossed $660 million after taxes. The ‘Diary of A Mad Black Woman’ star owns 100% of her work and even owns a film studio that launched in 2019.
In addition to his filmmaking success, the award-winning playwright spent roughly seven years producing content for Oprah Winfrey’s OWN network, adding to his already impressive financial portfolio. It increased its net worth even more when it acquired the popular BET network, bringing it back into black ownership earlier this year.
Likewise, Kardashian is richer than Bronny, who debuted on the list this year at No. 2,540, making him the first player still active in the NBA. make a list. Most of his income has come from endorsement deals, as he earns more than $900 million from endorsements from Nike, PepsiCo and Walmart.
Another well-known entrepreneur, Kardashian is ahead of Spanx founder Sara Blakely, who joined the list of billionaires in 2020. The 52-year-old businesswoman, who is at No. 2,405, has continued to climb the charts without a drop in sales. The third upcoming previous is David Tran, thanks to his family’s hot sauce brand Sriracha, which is worth $1 billion.