Kim Kardashian's SKIMS valued at $4 billion after latest funding round
SKIMS, the solutions-based underwear and apparel brand co-founded by Kim Kardashian, Emma Grede and Jens Grede, has reached a valuation of $4 billion (£3.1 billion) after its Series C fundraising round.
Wellington Management has led the latest $270 million funding round with additional participation from Green Oaks Capital Partners and existing partners D1 Capital Partners and Imaginary Ventures.
The new injection of funds will be used to further accelerate the brand’s product innovation and new categories, as well as help fuel its focus on permanent owned retail, including the opening of its LA flagship in early 2024, which was announced last month. Another store is expected to be opened in New York.
SKIMS was founded by Kardashian and entrepreneurs Emma Grede (who also co-founded denim brand Good American with Khloé Kardashian) and Jens Grede (co-founder of denim-led luxury brand FRAME) in 2019. Kardashian has said she was inspired to establish SKIMS due to her own struggles with finding shapewear that matched her skin tone.
Initially focused on shapewear, the brand achieved stratospheric early success with some 3 million products sold in its first year of doing business. By 2021, SKIMS was valued at $1.6 billion and a year later the value had grown to $3.2 billion. The lates funding round has augmented its value further still.
The brand has successfully expanded beyond shapewear into swimwear, nightwear, leisurewear and clothing. As well as being sold via its direct to consumer website, SKIMS is also stock in a number of premium retailers globally including Selfridges and Harrods in the UK. It recently staged a SKIMS Swim pop-up in the Corner Shop area of Selfridges on Oxford Street.
Wellington Management is known for invested in brands before they go public, fuelling speculation that the next step in the business's development could be an IPO. Speaking to the New York Times, Jens Grede, who is CEO said: "At some point in the future, Skims deserves to be a public company."
Main image: American singer SZA stars in a recent SKIMS campaign.
