Kim K. continues to rack up the Benjamins. On Wednesday, the curvy reality TV star-turned-business mogul said that her shape-wear brand Skims had raised $270 million, valuing the company at $4 billion. It is estimated that Kardashian owns about 35% of Skims. This makes her the company’s single largest stakeholder.
This is a windfall of $500 million for the 42-year-old mother of four, boosting her total wealth to $1.7 billion. When compared to Victoria’s Secret, a legacy shop whose sales dropped by 6% last year and is currently valued at $1.6 billion, Skims, a firm she co-founded in 2019 with business partner Emma Grede, is now worth twice as much.
Grede, who’s also the CEO of Skims, owns 8% of the business. It’s possible that the two are ready to make their private firm public. Wellington Management, a well-known asset manager, and Greenoaks Capital, a reputable venture capital firm, invested the fresh capital in Skims.
Kardashian told:
“It has grown quickly, and we are so proud of that.”
As the CEO put it, “We’ve had a really good flow of product launches.”With an expected $750,000,000 in revenue, this year is on track to be the most profitable in the company’s brief existence.
You can also take a look at the below tweet by Pop Base about Kim Kardashian Skims worth:
Kim Kardashian’s clothing line SKIMS is now worth $4 billion. pic.twitter.com/jmNTZwv75D
— Pop Base (@PopBase) July 19, 2023
In addition to its original slimming bodysuits, Skims now offers other garments, including nightwear and swimwear. Men’s apparel will be available in the catalog this coming season. Skims, which started out as an online venture alone, is looking to open physical stores in both New York and Los Angeles in 2019. The company’s products can be found for sale at upscale retailers like Nordstrom and Saks Fifth Avenue.
The brand saw unprecedented popularity at pop-up stores in Rockefeller Center and London, prompting its expansion. After raising $240 million in 2017, most of it from hedge funds and investment businesses like Thrive Capital, led by Josh Kushner, Lone Pine Capital, and D1 Capital Partners, Skins has received another infusion of cash.
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In addition to Skims, Kardashian has a private equity firm, SKKY Partners, which she and ex-Carlyle Group CEO Jay Sammons founded last year. Kim Kardashian West changed her cosmetics line from KKW cosmetics to SKKN after her 2017 divorce from musician Kanye West, who is now known as Ye, but still owns 5% of the company.
At least six properties, including a $70 million Malibu mansion she bought last year and a $6 million spaceship-shaped mansion that is presently under construction, are part of the real estate portfolio that the “Keeping Up with the Kardashians” star has invested millions.
In 2020, Kardashian sold her 20% ownership in the cosmetics firm Coty for $200 million, while she is rumored to be in negotiations to repurchase the company.
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